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2019 (1) TMI 288 - AT - Income TaxPenalty u/s 271(1)(c) - defective notice - non specification of charge - Held that:- The perusal of notice u/s 274 read with Section 271 dated 20/03/2015, as placed on record, reveal that the appropriate clause as applicable to the fact of the case was not marked and secondly, the appropriate limb for which the penalty was being initiated was not marked / ticked. Penalty order reveal that the penalty has finally been levied by invoking explanation-1 to Section 271(1)(c) since the assessee has concealed the income by furnishing inaccurate particulars of income. An important observation is the fact that the two limbs viz. concealment of income and furnishing of inaccurate particulars of income have inter-changeably been used by Ld. AO while levying the impugned penalty. However, these two limbs, as per settled judicial pronouncements, are distinct and operate separately in the sense that concealment implies ‘to hide something’ whereas ‘furnishing’ implies adducing / putting forward something - non specification of the exact charge with due application of mind for which the assessee was being penalized the impugned penalty could not be sustained - decided in favour of assessee
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