AO Must Clearly Differentiate Between Concealment and Inaccurate Income Details for Penalty u/s 271(1)(c) of IT Act.

AO Must Clearly Differentiate Between Concealment and Inaccurate Income Details for Penalty u/s 271(1)(c) of IT Act. https://www.taxtmi.com/highlights?id=69393 Penalty u/s 271(1)(c) - Necessity of recording satisfaction - AO Statement that the assessee has consciously made the concealment by furnishing inaccurate particulars of his income is very vague and mixing up both the default of concealment as well as furnishing inaccurate particulars of income. - AT en-us Mon, 24 Apr 2023 13:19:26 +0530 Mon, 24 Apr 2023 13:19:26 +0530 TaxTMI RSS Generator AO Must Clearly Differentiate Between Concealment and Inaccurate Income Details for Penalty u/s 271(1)(c) of IT Act. https://www.taxtmi.com/highlights?id=69393 Penalty u/s 271(1)(c) - Necessity of recording satisfaction - AO Statement that the assessee has consciously made the concealment by furnishing inaccurate particulars of his income is very vague and mixing up both the default of concealment as well as furnishing inaccurate particulars of income. - AT Highlights Income Tax Mon, 24 Apr 2023 13:19:26 +0530 https://www.taxtmi.com/highlights?id=69393