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2020 (3) TMI 1221 - AT - Income TaxPenalty u/s 271(1)(c) - non recording of satisfaction - Defective notice - HELD THAT:- On perusal of facts, we find that the Ld. AO has initiated penalty proceedings u/s 271(1)(c) for both limbs, i.e, for concealment of particulars of income and for furnishing inaccurate particulars of income. The said lapses continued in show cause notice issued u/s 274 r.w.s. 271(1)(c) where the Ld. AO has issued printed notice without striking of inapplicable part of notice. From the above, it is very clear that the Ld. AO has not arrived at clear satisfaction, as required under law before initiation of penalty proceedings u/s 271(1)(c) of the I.T.Act, 1961,whether said penalty proceedings has been initiated for furnishing inaccurate particulars of income or for concealment of particulars of income. Therefore, we are of the considered view that the whole penalty proceedings consequent to vague or invalid notice is void ab initio and liable to be quashed and hence, we quashed penalty order passed by the Ld. AO u/s 271(1)(c) - Decided in favour of assessee.
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