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2016 (9) TMI 1066 - AT - Income TaxInitiation of penalty proceedings u/s. 271(1)(c) - Held that:- We find that in the notice issued under section 274 r.w. sec. 271 of the Act, the AO has not specifically mentioned as to whether the penalty proceedings are initiated on account of concealment of particulars of income or furnishing of inaccurate particulars of such income.See CIT & Anr. V. Manjunatha Cotton & Ginning Factory [2013 (7) TMI 620 - KARNATAKA HIGH COURT ] In the instant case, undisputedly the AO has not specifically stated the ground for which the penalty proceedings are initiated. We are of the view that the penalty proceedings are not properly initiated, therefore, deserves to be quashed. We accordingly set aside the penalty order and delete the penalty on account of wrong initiation of the penalty proceedings. - Decided in favour of assessee.
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