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2018 (1) TMI 1241 - AT - Income TaxPenalty u/s 271(1)(c) - undisclosed sale of flats - AO pointed out the discrepancy in the sales disclosed by the assessee and the sales as per AIR information the assessee surrendered the said income - Held that:- There is no dispute on the point that the assessee surrendered this income when the AO brought to the notice of the assessee about the discrepancy in the sales declares by the assessee which is not matching with the details as per AIR information. AO though stated in the assessment order that the penalty proceeding have been initiated separately however, the grounds on which the penalty proceeding have been initiated are required to be stated in the show cause notice issued u/s 274 r.w.s. 271(1)(c). As find that the Assessing Officer has neither specified a particular ground or default of the assessee nor deleted the irrelevant ground or default of the assessee as mentioned in the show cause notice issued u/s 274 dated 30.08.2013. Thus the notice issued u/s 274 r.w.s. 271(1)(c) of the Act dated 30.08.2013 is not valid and the same is quashed - Decided in favour of assessee
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