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2022 (4) TMI 273 - AT - Income TaxPenalty u/s 271(1)(c) - Non specification of charge - not recording the satisfaction of concealment and/or filing of inaccurate particulars of income - HELD THAT:- It is observed from the assessment order that after discussing the claim made by the assessee and disallowing the same, the AO has recorded, “Penalty proceedings u/s 271(1)(c) are being initiated separately for concealment /furnishing inaccurate particulars of its income.” Since, in the present case, the satisfaction of concealment/furnishing of inaccurate particulars of income have been recorded in the body of the Assessment Order, it can be said that the specific limb invoked for levy of penalty have not been clearly mentioned. Further, vide the penalty order dated 08.09.2016 at para 5, the ITO has imposed penalty u/s 271(1)(c) of the Income Tax Act, 1961 for “concealment of income/furnishing of inaccurate particulars of income”. Since the AO has not been specified u/s 274 as to whether penalty is proposed for alleged ‘concealment of income’ OR ‘furnishing of inaccurate particulars of such income’, the penalty levied is hereby obliterated. - Decided in favour of assessee.
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