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2018 (2) TMI 45 - AT - Income TaxPenalty u/s. 271(1)(C) - claim as made by the assessee of reduction of its book profit as per clause (vii) of Explanation-1 below section 115JB(2) shows that it has filed inaccurate particulars of its income - defective notice - Held that:- The intent and purpose of this notice is to inform the assessee as to the specific charge for which he has been show caused so that he could furnish his reply without any confusion and to the point. In the present case, neither the assessee nor anyone else could make out as to whether the notice u/s. 274 r. w. S. 271 of the Act was issued for concealing the particulars of income or for furnishing inaccurate particulars of such income disabling it to meet with the case of the Assessing Officer. See CIT v. Manjunatha Cotton and Ginning Factory & Ors. and Veerabhadrappa Sangappa and Co. (2013 (7) TMI 620 - KARNATAKA HIGH COURT) - Decided in favour of assessee.
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