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2022 (1) TMI 285 - AT - Income TaxPenalty levied u/s 271(1)(c) - Defective notice u/s 274 - addition of deemed dividend U/s 2(22)(e) - HELD THAT:- On perusal of the aforesaid notice it is clear that AO has not specified whether the penalty is being levied on account of concealment of particulars of income or furnishing of inaccurate particulars of income. In this regard, we have gone through the case of Jurisdictional High court referred by learned counsel in the case of Mohd. Farhan A. Shaikh [2021 (3) TMI 608 - BOMBAY HIGH COURT]. There is nothing before us on hand to differs from the issue raised in the cases cited so as to take a different view on this issue. Therefore, since the issue on hand being squarely covered following the principle of consistency, we find merit in the submission of the assessee and direct the Assessing Officer to delete the penalty since, the notice issued under section 274 read with section 271(1)(c) dated 18th March 2015 was bad in law. Since, we have deleted the penalty on account of invalid notice issued under section under section 274 read with section 271(1)(c) - Decided in favour of assessee.
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