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2018 (3) TMI 1207 - AT - Income TaxPenalty u/s 271(1)(c) - Non specification of charge - validity of notice - Held that:- Notice 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 of income. Further the penalty order reads that the penalty was levied for furnishing of inaccurate particulars of income which amounts to concealment thereof, thereby making an omnibus allegation. In view of the submission on behalf of the assessee that the notice which confers jurisdiction on the revenue to levy penalty under section 271(1)(c) of the Act and the settled preparation of law on this aspect we’re of the considered opinion that the penalty cannot be sustained. We accordingly crash the penalty proceedings and direct the Ld. AO to delete the penalty. - Decided in favour of assessee.
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