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2020 (11) TMI 473 - AT - Income TaxPenalty levied u/s 271AAB - disclosure made during the search u/s 132(4) - assessee was required to pay penalty at the rate of 10% of undisclosed income - HELD THAT:- Consistent with the view taken by us in the case of Smt. Rashmi Jalan [2020 (10) TMI 353 - ITAT KOLKATA] we hold that the show cause notice issued u/s 274 r.w.s. 271 of the Act proposing levy of penalty u/s 271AAB of the Act is defective as it has not specified the charge and consequently the penalties in both the cases levied are bad in law. Hence the penalty levied in both the cases is hereby quashed. - Decided in favour of assessee.
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