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2017 (4) TMI 468 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice - Held that:- Notice issued under section 274 r.w.s. 271 of the Act did not mention or specify the charge for which the penalty notice was issued, i.e. whether the initiation of penalty proceedings was for concealment of income or for furnishing of inaccurate particulars of income The notice dated 27.12.2010 issued under section 274 r.w.s. 271 of the Act dated 27.12.2010 for initiating penalty proceedings under section 271(1)(c) of the Act for A.Y. 2008-09 is defective and issued without application of mind and is therefore invalid and bad in law. Consequently, the order dated 26.03.2014 levying penalty under section 271(1)(c) of the Act for A.Y. 2008- 09 is also invalid, bad in law and liable to be cancelled. See THE COMMISSIONER OF INCOME TAX & OTHS. Versus M/s MANJUNATHA COTTON AND GINNING FACTORY & OTHS.[2013 (7) TMI 620 - KARNATAKA HIGH COURT] - Decided in favour of assessee
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