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2017 (8) TMI 560 - AT - Income TaxLevy of penalty u/s 271 (1) (c) - concealment of income or furnishing inaccurate particulars of income - defective notice - Held that:- AO has to give a notice as to whether he proposes to levy a penalty for “concealment of income” or “furnishing inaccurate particulars of income”. He cannot have both the conditions and if it so he has to say so in the notice and record the finding in the penalty order. Hence, we do not see any merit into the argument of the Ld. Departmental Representatives. As in the said notice Ld. AO has not clearly mentioned the limb, on the basis of which, penalty was proposed to be imposed. Ld. AO has simply issued a pre-printed notice without striking off the unnecessary portions of the notice. If the Ld. AO was of the view that the assessee has concealed the income by furnishing inaccurate particulars of income then he should have deleted or not mentioned the other limb for imposition of penalty i.e. concealing the particulars of income. The above act of the Ld. AO clearly shows that the entire exercise of initiation of penalty proceedings has been done without application of mind. - Decided in favour of assessee.
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