Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 467 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice u/s 274 - Non specification of charge - whether the penalty can be imposed without specifying the guilt either for concealment of income or for furnishing of inaccurate particulars of income in the present facts and circumstances of the case? - HELD THAT:- It was incumbent upon the Assessing Authority to come to a definite finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income had been furnished by them. If no such clear cut finding is reached by the authority, penalty cannot be levied. The principles laid down in case Snita Transport Pvt. Ltd. vs. ACIT [2012 (12) TMI 981 - HIGH COURT OF GUJARAT] are squarely applicable to the facts of the case in hand. At the cost of repetition we observe that the AO has not mentioned the specific charge/guilt in its penalty orders whether it was levied for concealment of income or for furnishing inaccurate particulars of income. Therefore, in our considered view, the penalty levied by the AO and confirmed by the Learned CIT (A) is not sustainable in the eye of law. - Decided in favour of assessee.
|