Sec. 271(1)(c) of Income Tax Act, 1961— Penalty — Assessing officer levied the penalty u/s 271 (1)(c), levy of penalty lie in the assessment order dated 18.03.2013 framed u/s 143(3) of the act. CIT (A) confirmed the penalty levied by the assessing officer. Notice issued by the Assessing Officer u/s 274 r.w.s 271(1)(c) of the Act to be bad in law as it did not specify which limb of section 271(1)(c) of the Act the penalty proceedings had been initiated i.e. whether for concealment of particulars of income or furnishing of inaccurate particulars of income.
Tribunal set aside the findings of CIT(Appeals) and direct the assessing officer to delete the penalty. The issue was decided in favour of the assessee.VINAYAK REMEDIES LTD vs. Asstt. CIT. [2020] 23 ITCD Online 47 (DEL)