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2019 (1) TMI 998 - AT - Income TaxPenalty levied u/s 271(1)(c) - addition on account of deposits made in the saving bank account - proof of concealing the particulars of income - defective notice - Held that:- In the present case, it is an admitted fact that the AO initiated the penalty proceedings u/s 271(1)(c) of the Act for concealing the particulars of income which is evident from page no. 5 of the assessment order dated 21.11.2011. However, the penalty was levied by the AO for furnishing of inaccurate particulars of income. Therefore, it is clear that the initiation of penalty proceedings were on different count then the levy of penalty. In that view of the matter, the penalty levied by the AO on different charge then the initiation of penalty proceedings was not justified - Decided in favour of assessee.
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