Allowing the appeal the Court held that where show cause notice did not indicate whether there was concealment of particulars of income or furnishing of incorrect particulars of such income the levy of penalty is not valid. Followed Mohd. Farhan A.Shaikh v.Dy.CIT(2021) 434 ITR 1/ 280 Taxman 334 (Bom)(HC).(FB)
Ganga Iron & Steel Trading Co. v. CIT (2022) 447 ITR 742/286 Taxman 21 (Bom.)(HC)
S. 271(1)(c) : Penalty-Concealment-Cash credits-Recoding of satisfaction-Show cause notice did not indicate whether there was concealment of particulars of income or furnishing of incorrect particulars of such income-Deletion of penalty is held to be valid. [S. 274]