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2020 (8) TMI 17 - ITAT AHMEDABADPenalty u/s 271(1)(c) - non specification of charge - inaccurate particulars of income by claiming excess long-term capital loss which was otherwise not entitled - HELD THAT:- We find that the order imposing penalty has not specified the guilt committed by the assessee for such penalty - First Appellate Authority, however has not taken into consideration the particular aspect of the matter. it appears from the penalty order that the Learned AO has not levied the penalty on the specific charge as mandated u/s 271 (1)(c) of the Act. In such facts and circumstances the Hon'ble Jurisdictional High Court in the case of Snita Transport Pvt. Ltd. [2012 (12) TMI 981 - HIGH COURT OF GUJARAT] has held that penalty cannot be imposed without mentioning the specific charge. Thus as AO has not mentioned the specific charge in its penalty order whether it was levied for concealment of income or for furnishing inaccurate particulars of income by the assessee we find that the penalty levied by the AO and confirmed by the learned CIT (A) is not sustainable - Decided in favour of assessee.
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