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2020 (2) TMI 258 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Defective notice - penalty proceedings have been initiated, whether for concealment of particulars of income or furnishing inaccurate particulars of income - A.O. disallowed interest income and electricity expenses - HELD THAT:- As decided in own case [2017 (12) TMI 257 - ITAT DELHI] AO did not record his satisfaction for initiation of penalty proceedings, because while passing the assessment order u/s. 143(3)(ii) AO has stated that “ Penalty proceedings u/s. 271(1)(c)is being initiated separately for furnishing inaccurate particulars of income / concealment income ”, which is not sufficient and therefore, the penalty proceedings cannot be said to be validly initiated under such circumstances. However, nowhere in the assessment order states the specific charge of alleged concealment and / or furnishing of inaccurate particulars of income. Therefore, the entire penalty proceedings stand vitiated, because it is not in accordance with law - Decided in favour of assessee.
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