Court Rejects Tax Penalty Due to AO's Failure to Specify Reason Under Income Tax Act Section 271(1)(c.

Penalty u/s 271(1)(c) - Penalty order did not specify the particular limb under which penalty u/s 271(1)(c) is levied. AO has not specified that penalty is either levied for furnishing inaccurate particulars of income or for concealing the income. The AO himself is not clear that penalty is either levied for concealment of income or for furnishing inaccurate particulars - No penalty - AT .....

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