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| The Tax Publishers2020 TaxPub(DT) 3074 (Ahd-Trib) INCOME TAX ACT, 1961
Section 271(1)(c)
Where AO did not mention the specific charge in penalty order i.e. whether the penalty under section 271(1)(c) was levied for concealment of income or for furnishing inaccurate particulars of income by assessee, the said penalty would not be sustainable and hence, the same was liable to be deleted.
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Penalty under section 271(1)(c) - Leviability - Non-specification of charge -
AO levied penalty under section 271(1)(c) against assessee for claiming excess long-term capital loss. It was contended on behalf of assessee that the AO did not specify the alleged guilt committed by the assessee for such penalty, i.e. whether it was levied for furnishing inaccurate particulars of income or for concealment of income, hence, the said penalty was not justified. Held: It was apparent that AO did not mention the specific charge in penalty order i.e. whether the penalty under section 271(1)(c) was levied for concealment of income or for furnishing inaccurate particulars of income by assessee, accordingly, the said penalty was not sustainable and hence, the same was deleted.
REFERRED : Snita Transport (P) Ltd. v. Asstt. CIT (2019) 42 taxmann.com 54 (Guj) : 2019 TaxPub(DT) 6561 (Guj-HC)
FAVOUR : In assessee's favour
A.Y. : 2014-15
IN THE ITAT, AHMEDABAD BENCH
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