Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Defective notice issued u/s 274 read with Section 271(1)(c) for levying penalty. The key points are: The phrases "conceal" and "furnishing of inaccurate particulars" in Section 271(1)(c) carry distinct meanings. Where penalty proceedings are initiated u/s 271(1)(c), the specific ground must be clearly spelled out to provide the assessee a proper opportunity for defense. Penalty proceedings being penal in nature, the charge must be unambiguous. The revenue cannot club both grounds of concealment and furnishing inaccurate particulars. Following judicial precedents, the Tribunal rightly held that the penalty levy u/s 271(1)(c) in the assessee's case was invalid due to the defective notice.
Defective notice issued u/s 274 read with Section 271(1)(c) for levying penalty. The key points are: The phrases "conceal" and "furnishing of inaccurate particulars" in Section 271(1)(c) carry distinct meanings. Where penalty proceedings are initiated u/s 271(1)(c), the specific ground must be clearly spelled out to provide the assessee a proper opportunity for defense. Penalty proceedings being penal in nature, the charge must be unambiguous. The revenue cannot club both grounds of concealment and furnishing inaccurate particulars. Following judicial precedents, the Tribunal rightly held that the penalty levy u/s 271(1)(c) in the assessee's case was invalid due to the defective notice.
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