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2020 (9) TMI 235 - AT - Income TaxPenalty levied u/s 271(1)(c) - Defective notice - non specification of charge - whether the penalty is levied for 'concealment of income' or 'furnishing of inaccurate particulars of income'? - HELD THAT:- No penalty is leviable in accordance with law. We find that the penalty was initiated on account of furnishing the inaccurate particulars of income. Subsequently while initiating the penalty proceeding, the notice dated 24.03.2015 was issued wherein both the limbs have been tick off. Subsequently, while passing the order penalty order dated 29.09.2015. The penalty was levied on both the limbs which is not justifiable. See MEHERJEE CASSINATH HOLDINGS PRIVATE LIMITED VERSUS ACIT, CIRCLE-4 (2) , MUMBAI [2017 (5) TMI 904 - ITAT MUMBAI] - We nowhere found any justifiable ground to uphold the order passed by the CIT(A) in question, therefore, we set aside the finding of the CIT(A) and delete the penalty. - Decided in favour of assessee.
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