Tribunal held that the appeal, that the Assessing Officer had initiated the penalty proceedings in the assessment order both on the counts of concealment of income as well as of furnishing of inaccurate particulars of income. In the show-cause notice under section 274 also neither of the two charges was struck out. In the penalty order also the penalty was levied for both defaults. The penalty levied by the Assessing Officer was not sustainable in law. (AY. 2012-13)
Sequel Alloys and Wires Pvt. Ltd. v. Dy. CIT (2020) 83 ITR 190 (Delhi)(Trib.)
S. 271(1)(c) : Penalty-Concealment-Show-cause Notice and penalty order not specifying the charge-Levy of penalty is held to be not valid. [S. 274]