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2022 (5) TMI 838 - AT - Income TaxPenalty u/s. 271(1)(c) - Defective notice u/s 274 - non specification of clear charge - HELD THAT:- Karnataka High Court: CIT vs. Manjunatha Cotton and Ginning Factory [2013 (7) TMI 620 - KARNATAKA HIGH COURT] held that notice under section 274 should specifically state the grounds mentioned in section 271(1)(c) of the Act, i.e., whether it is for concealment of income or for furnishing of incorrect particulars of income. Sending printed form where all the grounds mentioned in section 271 are mentioned would not satisfy requirement of law. In the present case 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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