Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 28 - AT - Income TaxLevy of penalty u/s 271(1)(c) - disallowance of provision for bad debt - A.O. noted that such provision is not allowable unless it is ascertained liability - A.O. accordingly made addition of the amount and assessed the net loss - HELD THAT:- We are of the view that penalty is not leviable in the matter. The A.O. issued show cause notice dated 27th December, 2010 before levy of the penalty against the assessee. A.O. in its show cause notice failed to specify in which limb of Section 271(1)(c) the penalty proceedings had been initiated i.e., whether for concealment of particulars of income or furnishing inaccurate particulars of income, as rightly pointed-out by the Assessee. The entire penalty proceedings are, therefore, vitiated and no penalty is leviable. See M/S SSA'S EMERALD MEADOWS [2016 (8) TMI 1145 - SUPREME COURT] - Decided in favour of assessee.
|