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2018 (3) TMI 1363 - HC - Income TaxPenalty u/s 271(1)(c) - non strike off the two necessary ingredients for imposition of penalty namely; concealment of particulars of income or furnishing inaccurate particulars of income - non application of mind by AO - Held that:- Concealment of particulars of income or furnishing inaccurate particulars of income in Section 271 (1)(c) of the Act carries different meaning. The satisfaction of the Assessing Officer at the time of initiation of penalty proceedings, must indicate which of the two i.e. concealment of particulars of income or furnishing inaccurate particulars of income applies to the facts of this case or in the alternative, it must indicate that both apply to the facts of the case. This is not having been done, prima facie, the impugned order dated 30th June, 2011 is not sustainable. This also would require consideration at the final hearing. - Decided in favour of assessee
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