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2017 (8) TMI 1375 - AT - Income TaxLevy of penalty u/s 271(1)(c) - non specification of charge - Held that:- In the case in hand, there was no such mention. The decision of Mahesh Gandhi (2017 (3) TMI 132 - ITAT MUMBAI) relied by the Ld. DR is also inapplicable as in that case the assessee has filed revised computation of income on directors fee and capital gain on HDFC mutual fund during the course of assessment proceedings and the AO has specifically recorded findings in para 5 of the assessment order is details about “concealment of income”. Hence, facts of the said case are entirely different. Considering above facts and circumstances and relying judicial precedents as discussed above, we are of the considered opinion that penalty levied u/s 271(1)(c) is not sustainable in law, as no specific charge was levied in penalty show cause notices, hence, it is cancelled. Accordingly, all six appeals of assessee are allowed.
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