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2019 (7) TMI 385 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice - non specification of charge - disallowance of the deduction claimed u/s 80IB(10) - HELD THAT:- Addition made by the A.O. by disallowing the deduction claimed U/s 80IB(10) was allowed by the CIT(A) and further confirmed by the ITAT as well as the Hon’ble Rajasthan High Court by dismissing the appeal filed by the department. From the record we found that the penalty order was passed by the A.O. on 31.03.2016, wherein penalty u/s 271(1)(c) is imposed on addition of income of ₹ 3,75,000/- on account of alleged cash amounting to ₹ 3,75,000/- received from one Sh Bimal Kumar Jain by holding that the assessee had furnished inaccurate particulars of income and concealed his income. Penalty proceedings have been initiated for concealment of particulars of income or for furnishing inaccurate particulars of income. Thereafter the penalty levied by holding that the assessee has furnished inaccurate particulars of income and concealed the income. As there is a variation in the reasons given for initiation of penalty is the show cause notice issued U/s 274 vis a vis reason given in the penalty order passed U/s 271(1)(c). For the reasons that now there is a settled legal position on the issue that the notice u/s 274 should be specific on imposing of penalty u/s 271(1) (c) i.e. concealed particulars of income or furnishing inaccurate particulars of income. See M/S SSA'S EMERALD MEADOWS [2016 (8) TMI 1145 - SC ORDER] - Decided in favour of assessee.
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