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2022 (8) TMI 1176 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice u/s 274 - addition on account of provision for diminution in the value of investment AND on account of prior period expenditure - allegation of non specification of charge - HELD THAT:- On perusal of the aforesaid notice it is clear that A.O has not specified whether the penalty is levied on account of concealment of particular of income or furnishing of inaccurate particulars of income. In this regard we have gone through the case of jurisdictional High Court referred by ld. Counsel in the case of Mohd. Farhan A. Shaikh Vs. DCIT[2021 (3) TMI 608 - BOMBAY HIGH COURT] Since the issue on hand being squarely covered following the principle of consistency, we find merit in the submission of the assessee and direct the Assessing Officer to delete the penalty since, the notice issued under section 274 read with section 271(1)(c) was bad in law. - Decided in favour of assessee.
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