2014 (2) TMI 1374 - SCH - Income Tax

Concealment of income - imposition of penalty - Validity of notice u/s 271(1)(c) - Whether there was no concealment of income and there was no cessation of liability but it was on assesses agreement additions have been made and therefore no penalty is attracted despite there being no evidence to substantiate such a conclusion and consequently recorded a perverse finding? - Whether the notice issued u/s 271(1)(c) in the printed form without specifically mentioning whether the proceedings are initiated on the ground of concealment of income or on account of furnishing of inaccurate particulars is valid and legal and the proceedings initiated by the Assessing Authority was Legal and valid Penalty proceedings - Whether justification in holding that the basis for initiation of the penalty proceedings is the satisfaction of the Appellate Authority in coming to a conclusion based totally on a different ground other than the ground on which the Assessing Authority had passed the assessment order and the proceedings initiated by the Assessing Authority was legal and valid? - HELD THAT - SLP dismissed.

Summary

The Supreme Court of India dismissed the Special Leave Petitions as there was no reason to entertain them. Delay was condoned. (Citation: 2014 (2) TMI 1374 - SC)