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2020 (6) TMI 402 - AT - Income TaxPenalty u/s 271(1)(c) - Disallowance of claim for long-term capital gain arising from the sale of shares of Jackson Investment Limited by treating the same as bogus - as per assessee no specific mention in the show-cause notice issued under section 274 for the year under consideration by the authorities below as to whether the assessee is guilty of having “furnished inaccurate particulars of income” or of having “concealed particulars of such income”- HELD THAT:- Notice issued under section 271(1)(c) without specifying which of the two contraventions, the assessee is guilty of was defective and the penalty imposed in pursuance of such defective notice was not sustainable. See BIJOY KUMAR AGARWAL [2019 (6) TMI 721 - CALCUTTA HIGH COURT] and M/S MANJUNATHA COTTON AND GINNING FACTORY & OTHS., M/S. V.S. LAD & SONS, [2013 (7) TMI 620 - KARNATAKA HIGH COURT] - Decided in favour of assessee.
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