Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (11) TMI 1853 - ITAT SURATPenalty u/s 271(1)(c) - as per assessee the AO has not recorded a firm conclusion in the penalty order whether it is being imposed for furnishing of inaccurate particulars of income or concealment of income - HELD THAT:- While passing final order, the AO has to record a specific finding accepting the fact that penalty is being imposed for furnishing inaccurate particulars or concealment of income. After careful consideration of penalty order AO wished to impose penalty for furnishing inaccurate particulars of income and furnishing of inaccurate particulars of income. Both these situations contradictory to each other in the above order. Therefore, this order is not sustainable in view of decision of SNITA TRANSPORT (P.) LTD. VERSUS. ASSISTANT COMMISSIONER OF INCOME-TAX [2012 (12) TMI 981 - HIGH COURT OF GUJARAT]. In view of the above discussion, penalty is not sustainable. We allow ground of appeal, and cancel penalty imposed by the AO. - Decided in favour of assessee.
|