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The ITAT quashed the penalty imposed under section 271(1)(c) for alleged concealment of income related to unaccounted money introduced as exempt LTCG. The Tribunal held that the AO failed to specify in the show cause notices whether the penalty was being imposed for "concealment of income" or "furnishing inaccurate particulars of income." This procedural defect violated section 274(1) as it left the assessee guessing about the specific default and deprived them of an opportunity to present a proper defense. The Tribunal set aside the CIT(A)'s order and allowed the assessee's appeal, finding the penalty proceedings fundamentally flawed due to lack of specificity.
The ITAT quashed the penalty imposed under section 271(1)(c) for alleged concealment of income related to unaccounted money introduced as exempt LTCG. The Tribunal held that the AO failed to specify in the show cause notices whether the penalty was being imposed for "concealment of income" or "furnishing inaccurate particulars of income." This procedural defect violated section 274(1) as it left the assessee guessing about the specific default and deprived them of an opportunity to present a proper defense. The Tribunal set aside the CIT(A)'s order and allowed the assessee's appeal, finding the penalty proceedings fundamentally flawed due to lack of specificity.
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TaxTMI 
TaxTMI 
