Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Tax determination against deceased proprietor invalid where no notice to legal representative; appeal rejected without addressing jurisdictional defec...
Revocation of GST registration and permission to file blocked returns; conditional defreezing of bank accounts after security and instalment applicati...
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Penalty under s. 271(1)(c) read with s. 274 was challenged on the ground that the notice did not specify whether the charge was "concealment of income" or "furnishing inaccurate particulars of income." Since penalty proceedings are penal in nature, the charge must be unequivocal and unambiguous; the AO is required to strike off the inapplicable limb and cannot club both limbs in the notice. As the AO failed to strike off either limb and left the notice vague, the penalty proceedings were held invalid and the penalty was quashed, granting relief to the taxpayer. - ITAT
Penalty under s. 271(1)(c) read with s. 274 was challenged on the ground that the notice did not specify whether the charge was "concealment of income" or "furnishing inaccurate particulars of income." Since penalty proceedings are penal in nature, the charge must be unequivocal and unambiguous; the AO is required to strike off the inapplicable limb and cannot club both limbs in the notice. As the AO failed to strike off either limb and left the notice vague, the penalty proceedings were held invalid and the penalty was quashed, granting relief to the taxpayer. - ITAT
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