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2020 (4) TMI 784 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice - addition on account of undisclosed purchases vis-à-vis the sales and corresponding profit - assessee’s pleadings is that the Assessing Officer’s show cause notice nowhere specified as to whether the same involved concealment of income or furnishing of inaccurate particulars of income - HELD THAT:- As decided in NISHITH KUMAR JAIN VERSUS ACIT, CENTRAL CIRCLE-XXVII, KOLKATA [2016 (3) TMI 642 - ITAT KOLKATA] on the facts of the present case that the show cause notice u/s. 274 of the Act is defective as it does not spell out the grounds on which the penalty is sought to be imposed. Following the decision of the MANJUNATHA COTTON AND GINNING FACTORY & OTHS., M/S. V.S. LAD & SONS, [2013 (7) TMI 620 - KARNATAKA HIGH COURT] we hold that the orders imposing penalty in all the assessment years have to be held as invalid and consequently penalty imposed is cancelled. For the reasons given above, we hold that levy of penalty in the present case cannot be sustained. - Decided in favour of assessee.
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