The penalty notice issued by the Assessing Officer was vague and ambiguous. No motive of the assessee which was suffering a huge loss. Assessing Officer. did not bring on record any evidence showing inaccurate or false particulars of expenses. Assessing Officer relied only on ‘Tax Audit Report’ without recording the statement his satisfaction. Deletion of penalty is held to be justified. (AY. 2013-14)
Dy. CIT v. Future E-Commerce Infrastructure Ltd. (2022)97 ITR 508 (Mum) (Trib)
S. 271(1)(c): Penalty-Concealment-Penalty notice not specific whether it is a Concealment of income of furnishing of incorrect particulars of income-No intention of making inaccurate gains by assessee-Deletion of penalty is held to be justified.[S. 274]