Assessing Officer made additions to assessee\u2019s income on account of unsecured loans and initiated penalty proceedings under section 271(1)(c). Notice issued under section 274 read with section 271(1)(c) was in a printed format and did not specify whether penalty was initiated for concealment of income or for furnishing inaccurate particulars of income. Assessing Officer thereafter levied penalty, treating the assessee as having concealed income. Tribunal deleted the penalty. On appeal by the revenue, the Court held that since the notice did not specify a precise charge and no specific charge, the order of the Tribunal deleting the penalty was affirmed. (AY. 2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c): Penalty-Concealment-Failure to specify the charge-No specific limb was struck off-The Tribunal was justified in deleting the penalty.[S.68, 260A, 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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-64211","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gHF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64211","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=64211"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64211\/revisions"}],"predecessor-version":[{"id":64212,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/64211\/revisions\/64212"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=64211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=64211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=64211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}