The Tribunal held that the Assessing Officer had not recorded his satisfaction for initiation of penalty proceedings, but merely stated that the penalty proceedings under section\u00a0274\u00a0read with section\u00a0271(1)(c)\u00a0had been issued separately for concealment of income and furnishing of inaccurate particulars of such income. This was not sufficient and therefore, the penalty proceedings could not said to be validly initiated. Similarly, in the penalty order passed under section\u00a0271(1)(c)\u00a0of the Act, the Assessing Officer had mentioned that it was a case of deliberate concealment of income by furnishing inaccurate particulars. This was not sufficient to levy the penalty in dispute. Therefore, the entire penalty proceedings stood vitiated, because it was not in accordance with law. The penalty imposed was to be deleted.( AY.2003-04)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty \u2013 Concealment \u2013 Recording of satisfaction-Failure to state specific charge of penalty \u2014Penalty deleted . [ S.274 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13822","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3AW","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13822"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13822\/revisions"}],"predecessor-version":[{"id":13823,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13822\/revisions\/13823"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}