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2018 (5) TMI 1316 - AT - Income TaxPenalty u/s.271(1)(c) - notice does not specify the limb of section 271(1)(c) for which penalty proceedings were initiated i.e. whether for ‘concealment of income’ or ‘furnishing of inaccurate particulars of such income’ - Held that:- In the instant case, the AO vide his order u/s 143(3) dated 28.12.2011 has initiated the penalty proceedings u/s 271(1)(c) for furnishing inaccurate particulars of income or concealment of income. In the draft penalty order u/s 271(1)(c) dated 24.03.2014, the AO has imposed penalty of ₹ 46,59,047/- for concealment of income. Also we find that there is no provision in the Income Tax Act, 1961 for a draft penalty order u/s 271(1)(c) of the Act. See Dilip N. Shroff case [2007 (5) TMI 198 - SUPREME COURT] - Decided in favour of assessee.
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