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TMI Blog2023 (1) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Larger Bench of the Hon ble Court has held that the defect in the notice by not striking off the irrelevant matter would vitiate the penalty proceedings. Accordingly, we reverse the findings of the lower authorities and quash the penalty order passed under section 271(1)(c) - Accordingly, the AO is directed to delete the penalty levied under section 271(1)(c) - Appeal by the assessee is allowed. - ITA No. 637/Mum./2020 - - - Dated:- 6-1-2023 - SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Assessee by : Shri Jitendra Singh Revenue by : Smt. Mahita Nair ORDER PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the assessee challenging the impugned or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the penalty levied by the Learned AO be hereby deleted. Tax Effect - Rs.9,56,601/- Ground 3- On the fact and circumstances of the case, the Leamed CIT(A) has erred in confirming the penalty levied by the Learned AO under section 271(1)(c) of the Act on the notionally computed commission paid to eam the long term capital gains without establishing any fact that the assessee had actually paid any commission. It is, therefore, prayed that the penalty levied by the Learned AO be hereby deleted. Tax Effect - Rs.9,56,601/- The appellant craves leave to add, alter, modify or substitute any or all grounds of appeal. 3. The only grievance of the assessee is against the levy of penalty under section 271(1)(c) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted that the penalty in the present case has been levied without specifying the head under which the same has been levied. The learned A.R. submitted that the Assessing Officer in the notice issued under section 274 r/w section 271(1)(c) of the Act has not specified whether the penalty has been levied for concealment of income or for furnishing inaccurate particulars of income. 7. On the other hand, the learned Departmental Representative ( learned D.R. ) vehemently relied upon the order of the authorities below. 8. We have considered the rival submissions and perused the material available on record. In the present case, the Assessing Officer initiated penalty proceedings under section 271(1)(c) of the Act and levied penalty of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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