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2018 (3) TMI 666 - AT - Income TaxPenalty u/s 271(1)(c) - no specific allegation as to the concealment of particulars of income or furnishing of inaccurate particulars - defective notice - Held that:- AO has initiated the penalty for concealment of particulars of income or furnishing of inaccurate particulars, which is contrary to the provisions of law. Notice issued by the AO u/s. 271(1)(C) read with Section 274 of the Act is bad in law as it does not specify which limb of section 271(1)(C) of the Act, the penalty proceedings had been initiated i.e. whether for concealment of particulars of income or furnishing of inaccurate particulars. Therefore, the penalty in dispute is not sustainable in the eyes of law. Thus penalty cancelled - Decided in favour of assessee
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