2021 (5) TMI 50

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....ent Through: None O R D E R [VIA VIDEO CONFERENCING] 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act), impugns the order dated 11th December, 2019 of the Income Tax Appellate Tribunal (ITAT) allowing the appeal of the respondent against the order of the Commissioner of Income Tax (CIT) (Appeals), affirming the order of the Assessing Officer, imposing penalty in the sum of....

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....e respondent and which penalty has been set aside by the ITAT. 3. The reason which prevailed with the ITAT for setting aside of the said penalty was, that neither the notice under Section 271(1)(c) of the Act nor the order imposing penalty, specified which of the alternatives was being invoked i.e., whether of concealment of particulars of income or furnishing of inaccurate particulars of such in....

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....ound of furnishing of inaccurate particulars of such income. 5. We have enquired from the counsel for the petitioner, that the statute, under Section 153A of the Act, having itself providing for an option to be given to the assessee to file a revised return of income, whether the provisions of Section 271(1)(c) of the Act would apply with respect to the return of income, as originally filed or to....