2019 (3) TMI 1399

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....HA SARATHI CHAUDHURY, JM : This appeal preferred by the assessee emanates from the order of the Ld. CIT(Appeals), Pune dated 23.12.2016 for the assessment year 2011-12 as per grounds of appeal on record. 2. The crux of the grievance of the assessee is with regard to confirmation of penalty levied u/s.271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 3. The brie....

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....2,50,000/-. 4. At the time of hearing the Ld. AR of the assessee at the very outset submitted that the notice issued u/s.274 r.w.s.271(1)(c) of the Act along with penalty order is vague as to the limb on which penalty u/s. 271(1)(c) of the Act is initiated. The Ld. AR contended that it is settled principle of law if the charge is not specific then the penalty u/s.271(1)(c) of the Act cannot be ....

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.... of inaccurate particulars of income' so far as the assessee is concerned. 5. Per contra, the Ld. DR has relied on the orders of Sub-ordinate Authorities. 6. We have perused the case records and considered the judicial pronouncement placed before us. The facts reveal that in the notice issued u/s.274 r.w.s. 271(1)(c) of the Act as well as penalty order, the charge for which penalty u/s.271(1....

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....would be only on one limb i.e. for furnishing inaccurate particulars of income while imposition of penalty on the other limb i.e. concealment of income. 7. The sanctity in terms of natural justice with regard to this proposition is that the assessee under the scheme of welfare legislation which is embedded in the Income Tax Act, 1961 should get an opportunity to prepare himself for the defense ....