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2020 (5) TMI 619 - AT - Income TaxPenalty proceedings u/s 271 (1)(c) - Defective notice - non deletion of appropriate words from notice - addition on account of sale of shares and unexplained credit - HELD THAT:- There is no concealment in the present case. Assessee has also filed all the details during the regular assessment proceedings. From the notices dated 23.12.2011 and 15.03.2016 produced by the Ld. AR during the hearing, it can be seen that the AO was not sure under which provisions of Section 271 of the Income Tax Act, 1961, the assessee is liable for penalty. The issue is squarely covered by the decision of the Hon'ble Supreme Court in case of M/s SSA’ Emerald Meadows. [2016 (8) TMI 1145 - SC ORDER]. Inappropriate words in the penalty notice has not been struck off and the notice does not specify as to under which limb of the provisions, the penalty u/s 271(1)(c) has been initiated, therefore, we are of the considered opinion that the penalty levied u/s 271(1)(c) is not sustainable and has to be deleted. - Decided in favour of assessee.
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