https://www.taxtmi.com/caselaws?id=782943 ITAT Agra-AT allowed the assessee's appeal and deleted the penalty imposed u/s 271(1)(c) in respect of addition relating to share application money received in cash. The Tribunal held that the penalty proceedings were vitiated due to non-specification of the precise charge, i.e., whether the alleged default was "concealment of particulars of income" or "furnishing of inaccurate particulars of income." It held that the Revenue cannot simultaneously invoke both distinct limbs of section 271(1)(c) without clearly identifying the specific charge, thereby invalidating the penalty. en-us Fri, 28 Nov 2025 00:00:00 +0530 Sat, 06 Dec 2025 08:46:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782943 ITAT Agra-AT allowed the assessee's appeal and deleted the penalty imposed u/s 271(1)(c) in respect of addition relating to share application money received in cash. The Tribunal held that the penalty proceedings were vitiated due to non-specification of the precise charge, i.e., whether the alleged default was "concealment of particulars of income" or "furnishing of inaccurate particulars of income." It held that the Revenue cannot simultaneously invoke both distinct limbs of section 271(1)(c) without clearly identifying the specific charge, thereby invalidating the penalty. Case-Laws Income Tax Fri, 28 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782943