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2014 (1) TMI 1697 - AT - Income TaxPenalty u/s 271(1)(c) - Held that:- As u/s 271(1)(c) of the Act the penalty can be imposed either for filing inaccurate particulars or concealing particulars of income. The AO is required to satisfy the charge for which the penalty is imposed. We have gone through the assessment order as well as the penalty order. We noted that the AO has not initiated penalty in respect of any specific charge nor specified any particular charge while imposing the penalty on the assessee. The AO simply observed that the penalty is leviable u/s 271(1)(c) of the Act. The Hon’ble Supreme Court in the case of CIT vs Atul Mohan Bindal [2009 (8) TMI 44 - SUPREME COURT ] has laid down that before imposing the penalty by the AO the Revenue must comply with the conditions as specified u/s 271(1)(c) of the Act. Similar view has been taken by the Hon’ble Supreme Court in the case of Dilip N.Shroff vs JCIT and Another (2007 (5) TMI 198 - SUPREME Court ) The Hon’ble Gujarat High Court in the case of New Srathia Engg.Co. vs CIT [2006 (1) TMI 71 - GUJARAT High Court ] has laid down that order of penalty must clearly state whether it is for concealment or for furnishing inaccurate particulars. Since no specific charge has been brought out against the assessee, we therefore delete the penalty imposed u/s 271(1)(c) of the Act. - Decided in favour of assessee.
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