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| The Tax Publishers2020 TaxPub(DT) 0212 (Ctk-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
AO initiated penalty proceedings under section 271(1)(c) on differential amount disclosed in return of income filed under section 153A without mentioning either of the two limbs as specified under section 271(1)(c), i.e., concealment of particulars of income or furnishing of inaccurate particulars of such income. Thereafter in penalty Order also, AO while levying penalty under section 271(1)(c) used both the expressions. Therefore, penalty imposed by AO was not sustainable in the absence of clear-cut finding reached by AO, especially when revised return filed by assessee had been accepted as such.
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Penalty under section 271(1)(c) - Concealment or furnishing of inaccurate particulars - No specific allegation in penalty notice as well as penalty order -
AO levied penalty under section 271(1)(c) on the ground of assessee having declared excess income in return filed under section 153A over and above the income declared in original return. Assessee challenged this on the ground of no clear-cut finding reached by AO.Held: AO initiated penalty proceedings under ection 271(1)(c) on differential amount disclosed in return of income filed under section 153A without mentioning either of the two limbs as specified under section 271(1)(c), i.e., concealment of particulars of income or furnishing of inaccurate particulars of such income. Thereafter, in penalty Order also, AO while levying penalty under section 271(1)(c) used both the expressions. Therefore, penalty imposed by AO was not sustainable in the absence of clear-cut finding reached by AO, especially when revised return filed by assessee had been accepted as such.
Relied:Snita Transport (P) Ltd. (2019) 42 Taxmann.com 54 (Guj) : 2019 TaxPub(DT) 6561 (Guj-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-2013 to 2015-2016
IN THE ITAT, CUTTACK BENCH
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