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2020 (9) TMI 23 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice u/s 274 - whether the assessee is accused of concealment of particulars of any taxable income or it had furnished inaccurate particulars of such income? - HELD THAT:- As decided in Nishith Kumar Jain [ 2016 (3) TMI 642 - ITAT KOLKATA] 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 ofM/S 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. - Decided in favour of assessee.
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