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2016 (12) TMI 1603 - RAJASTHAN HIGH COURT
Penalty u/s 271(1)(c) - concealment of income/furnishing of inaccurate particulars of Income - Held that:- The contention raised by the appellant is required to be accepted and in the finding of Assessing Officer in the assessment order it is held that the AO, has to give a notice as to whether he proposes to levy penalty for concealment of income or furnishing inaccurate particulars. He cannot have both the conditions and if it is so he has to say so in the notice and record a finding in the penalty order. See Chennakesava Pharmaceuticals Vs. CIT [2013 (7) TMI 808 - ANDHRA PRADESH HIGH COURT] - Decided in favour of the assessee