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2022 (6) TMI 689 - AT - Income TaxPenalty u/s 271(1)(c) - LTCG on purchase of plot - HELD THAT:- After having gone through the erroneous order passed by the lower authorities and the documents placed on record more particularly the assessment order as well as notice U/s 274 r.w.s. 271(1)(c) of the Act, we noticed that the A.O. has not clearly mentioned the limb, on the basis of which, penalty was proposed to be imposed. The A.O. has simply mentioned in his order with regard to initiation of penalty by stating that the assessee has concealed the income or furnishing inaccurate particulars of income by introducing non-genuine. This Tribunal in the case of M/s Vijay Kedia [2021 (8) TMI 335 - ITAT JAIPUR] wherein identical issue had been decided in favour of the assessee, therefore, we are of the view that concealment of income or furnishing of inaccurate particulars of income are two different forms and they cannot be inter mixed, therefore, we quash the penalty proceedings initiated U/s 271(1)(c) of the Act. Hence, Ground of the appeal is allowed.
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