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2017 (9) TMI 102 - AT - Income TaxPenalty u/s 271(1)(c) - inaccurate particulars of income or concealment of income - Held that:- Assessing Officer while completing the assessment has not recorded the satisfaction and has not initiated the penalty proceedings. Similarly, at the time of imposing the penalty under section 271(1)(c) of the Act, the Assessing Officer has levied the penalty, but did not mention under which limb the penalty has been imposed whether it is on account of inaccurate particulars of income or concealment of income. Therefore, the entire penalty proceedings stand vitiated. - Decided in favour of assessee.
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