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Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
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Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Penalty notices under section 271(1)(c) must clearly identify whether the charge concerns concealment of income or furnishing inaccurate particulars. The two limbs are independent and may require different explanations and treatment; therefore, a notice retaining both alternatives without specifying the applicable limb denies the assessee a proper opportunity to defend. Recording satisfaction to initiate penalty proceedings does not cure this defect. Applying this principle, the High Court treated the defective notice as invalid, upheld deletion of the penalty, and dismissed the revenue's appeal.
Penalty notices under section 271(1)(c) must clearly identify whether the charge concerns concealment of income or furnishing inaccurate particulars. The two limbs are independent and may require different explanations and treatment; therefore, a notice retaining both alternatives without specifying the applicable limb denies the assessee a proper opportunity to defend. Recording satisfaction to initiate penalty proceedings does not cure this defect. Applying this principle, the High Court treated the defective notice as invalid, upheld deletion of the penalty, and dismissed the revenue's appeal.
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