TaxTMI 
TaxTMI 
The AO has issued assessment order and 271 notice on the same date. he has not specifically menchined whether it is a 'conceelment' or 'inacurate perticulars' But as per the section he has to record the reasons before the date of such search(findings) Whether Ao is justified? Ref case cit2006 -280itr 4129del) may be reffered?
Penalty u/s 271(1) C
17 Feb 2012 
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Penalty for concealment or inaccurate particulars: officer may levy if satisfaction is recorded even with same date notice.
Penalty may be levied for concealment, for furnishing inaccurate particulars, or both; the assessing officer must have recorded his satisfaction that such default exists, and if that satisfaction is recorded the officer can impose penalty even if the assessment order and penalty notice are dated the same day and the notice does not separately specify the ground. (AI Summary)
Penalty may be levied for concealment, for furnishing inaccurate particulars, or both; the assessing officer must have recorded his satisfaction that such default exists, and if that satisfaction is recorded the officer can impose penalty even if the assessment order and penalty notice are dated the same day and the notice does not separately specify the ground. (AI Summary)