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2017 (8) TMI 172 - AT - Income TaxPenalty under section 271(1)(c) - legality of notice under section 274 - Held that:- At the time of issuing notice under section 274 of the Act the learned Assessing Officer initiated the proceedings without being certain as to whether it is for furnishing of inaccurate particulars of income or concealment of particulars of income ; whereas commonly for all the four years, in the assessment order under section 153C read with section 153A(1)(b) read with section 144 of the Act, penalty was initiated for furnishing inaccurate particulars of income ; whereas in the penalty order, it was alleged that the assessee has concealed its particulars of income. Thus all the four years from the assessment years 2001-02 to 2004-05, show-cause notice issued under section 274 read with section 271 of the Act is defective as it does not speak about the grounds on which the penalty has been imposed. We, therefore, hold that the orders imposing penalty in all the four assessment years are invalid - Decided in favour of assessee.
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