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2016 (9) TMI 796 - AT - Income TaxPenalty u/s. 271(1)(c) - Held that:- Notices were issued on a printed proforma in which the AO did not identify, whether the assessee has concealed particulars of income or furnished inaccurate particulars of such income. As undisputedly the AO has not identified in the notices as to whether the penalty proceedings are initiated for concealment of income or furnishing of inaccurate particulars of such income. Therefore we are of the considered view that on account of defective notice issued for initiation of penalty proceedings, the penalty order passed by the AO is not sustainable in the eyes of law. We accordingly set aside the order of the CIT(Appeals) as well as the Assessing Officer and delete the penalty on account of wrong initiation of penalty proceedings. - Decided in favour of assessee
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