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2021 (7) TMI 441 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice u/s 274 - AO failed to strike off the irrelevant default viz “concealment of particulars of income” or “furnishing of inaccurate particulars of income” - HELD THAT:- On a bare perusal of the “SCN” it can safely be gathered that the Assessing Officer himself was not aware as to for what default the assessee firm was being put to notice and therein called upon to explain as to why penalty may not be imposed on it. Be that as it may, it remains as a matter of fact borne from the record that the Assessing Officer had blatantly failed to validly put the assessee to notice as regards the default for which the penalty was sought to be imposed on it. In our considered view, as both of the two defaults envisaged in Sec. 271(1)(c) i.e “concealment of income” and “furnishing of inaccurate particulars of income” are separate and distinct defaults which operate in their respective independent and exclusive fields, therefore, it was obligatory on the part of the A.O to have clearly put the assessee to notice as regards the default for which it was being called upon to explain as to why penalty under Sec. 271(1)(c) may not be imposed on it. - Decided in favour of assessee.
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