https://www.taxtmi.com/caselaws?id=338475 Penalty under Section 271(1)(c) requires a valid Section 274 notice clearly specifying whether the charge is concealment of income or furnishing of inaccurate particulars; a printed, non-struck-off notice is vague and violates natural justice, so the penalty proceedings fail. On merits, penalty was also unsustainable because the assessee had disclosed the relevant income, the Section 54F claim was bona fide and debatable, and Explanation 3 could not be applied where the statutory conditions for deemed concealment were not met. The result is that no concealment or inaccurate particulars were established to support the penalty. en-us Thu, 02 Feb 2017 00:00:00 +0530 Sat, 04 Feb 2017 12:44:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338475 Penalty under Section 271(1)(c) requires a valid Section 274 notice clearly specifying whether the charge is concealment of income or furnishing of inaccurate particulars; a printed, non-struck-off notice is vague and violates natural justice, so the penalty proceedings fail. On merits, penalty was also unsustainable because the assessee had disclosed the relevant income, the Section 54F claim was bona fide and debatable, and Explanation 3 could not be applied where the statutory conditions for deemed concealment were not met. The result is that no concealment or inaccurate particulars were established to support the penalty. Case-Laws Income Tax Thu, 02 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338475