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2022 (11) TMI 121 - AT - Income TaxLevy of penalty u/s 271 (1)( c) - defective notice u/s 274 - non specification of clear charge - AO initiated penalty u/s 271(1)(c) on both aspects, first on returned income as per section 153A of the Act as well as addition of 5% of obtaining accommodation entries - Before final computation of income, AO has initiated penalty proceedings in respect of the same for concealment of income, thereafter, after computing the income, he held that penalty proceedings are initiated separately for furnishing of inaccurate particulars of income - HELD THAT:- As held by higher courts that unless the charge upon the assessee is specific, penalty u/s 271(1)(c) is not leviable on this account also. In this view of the matter also, in our considered opinion and on the facts and circumstances of the case, the assessee’s case does not deserves to be visited the rigors of penalty u/s 271(1)(c) of the Act. Hence, we set-aside the order of the CIT(A) and deleted the penalty. Appeal filed by the assessee stands allowed.
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