https://www.taxtmi.com/caselaws?id=752734 The Calcutta HC held that penalty proceedings under section 271(1)(c) for income concealment were valid despite the assessee's challenge of a defective notice under section 274. The assessee had concealed income which was detected only after search and seizure operations, with subsequent disclosure in returns filed under section 153A. The court ruled that when the assessing officer records satisfaction regarding concealment in the assessment order and initiates penalty proceedings, the consequential notice under section 274 is valid even without specifically spelling out penalty grounds. The disclosure was involuntary, occurring only after department detection. The tribunal's decision to set aside penalty orders was reversed, with the court holding that adequate opportunity of hearing was provided and natural justice principles were satisfied. en-us Thu, 02 May 2024 00:00:00 +0530 Thu, 16 May 2024 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752734 The Calcutta HC held that penalty proceedings under section 271(1)(c) for income concealment were valid despite the assessee's challenge of a defective notice under section 274. The assessee had concealed income which was detected only after search and seizure operations, with subsequent disclosure in returns filed under section 153A. The court ruled that when the assessing officer records satisfaction regarding concealment in the assessment order and initiates penalty proceedings, the consequential notice under section 274 is valid even without specifically spelling out penalty grounds. The disclosure was involuntary, occurring only after department detection. The tribunal's decision to set aside penalty orders was reversed, with the court holding that adequate opportunity of hearing was provided and natural justice principles were satisfied. Case-Laws Income Tax Thu, 02 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752734