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2020 (12) TMI 599 - AT - Income TaxLevy of penalty u/s 271(1)(c) - addition u/s.68 - concealment of particulars of income and furnishing inaccurate particulars of income - Defective notice - non specification of notice - HELD THAT:- It is clear that for the AO to assume jurisdiction u/s 271(1)(c), proper notice is necessary and the defect in notice u/s 274 vitiates the assumption of jurisdiction by the learned AO to levy any penalty. In this case, clearly establish that the notice issued under section 274 read with 271 of the Act is defective and, therefore, we find it difficult to hold that the AO rightly assumed jurisdiction to pass the order levying the penalty. We direct the Assessing Officer to delete the penalty levied u/s.271(1)(c). - Appeal of the assessee is allowed.
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