Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 324 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice u/s 274 - Non specification of clear charge - assessee argued for non mentioning of whether assessee has been penalized for furnishing of inaccurate particulars of income or concealment of income? - HELD THAT:- The basis of levy of penalty itself is not correct. Apart from this, assessee's appeal in quantum proceedings has been admitted by Hon'ble jurisdictional High Court, therefore issue in quantum proceedings are debatable, hence penalty on debatable issue should not be levied, as held in the case of Ankita Electronics (Pvt) Ltd. (2015 (3) TMI 1029 - KARNATAKA HIGH COURT] hence penalty order under section 271(1)(c) of the Act, needs to be quashed. Accordingly, we quash the penalty order under section 271(1) (c) of the Act. - Decided in favour of assessee.
|