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2018 (8) TMI 1312 - ITAT MUMBAILevy of penalty u/s 271(1)(c) - issue of notice issued u/s 274 r.w.s. 271(1)(c) without striking off irrelevant portion - estimation of income - genuineness of expenditure claimed - Held that:- Even in the assessment order, the AO has initiated penalty proceedings for concealment of income and for furnishing of inaccurate particulars of income. This lapse is continued even in penalty order where the AO has levied penalty under both the limbs, i.e. concealment of particulars of income and furnishing of inaccurate particulars of income. Therefore, we are of the considered view that notice issued by the AO u/s 274 r.w.s. 271(1)(c) is vague and which was issued without application of mind and hence, whole penalty proceedings is vitiated. Consequently, the penalty levied by the AO u/s 271(1)(c) cannot be sustained. - Penalty to be deleted - Decided in favor of assessee.
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