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2019 (3) TMI 798 - ITAT MUMBAILevy of penalty u/s 271(1)(c) - penalty levied by AO on both the limbs (i.e. furnishing inaccurate particulars as well as concealment of income) - defective notice - non specification of charge - Disallowance u/s 69C being difference in cost of production as reflected in the Profit & Loss Account and as reflected in Schedule-8 of the accounts - HELD THAT:- The perusal of quantum order reveal that penalty has been initiated by AO by making observations - “Penalty proceedings u/s 271(1)(c) is being initiated separately.” Pursuant to the same, the assessee was issued notice u/s 274 r.w.s. 271 on 27/03/2006, the perusal of which reveal that AO has failed to mark the appropriate limb i.e. concealed the particulars of your income or furnished inaccurate particulars of income for which the penalty was being initiated against the assessee. AO has failed to frame a specific charge against the assessee. The terms furnishing of inaccurate particulars of income and concealment of income, as per settled legal proposition, carry different connotations and therefore, failure to specify the same violate the right of the assessee to defend the same. Our conclusion is duly supported by the cited decision of this Tribunal rendered in Mrs. Indrani Sunil Pillai Vs ACIT [2018 (1) TMI 1226 - ITAT MUMBAI] wherein in identical situation, the matter, after due deliberations, was decided in assessee’s favour
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