Notice u/s 274 Fails to specify Concealment or Furnishing Inaccurate Particulars of Income: ITAT deletes Penalty imposed u/s 271(1)(c) [Read Order]

Notice - Concealment - Income - ITAT - Penalty - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi Bench presided by Mr. N.K. Billaiya, Accountant Member, and Mr. N.K. Choudhry, Judicial Member has deleted the penalty imposed under section 271(1)(c) since the notice under section 274 fails to specify concealment or furnishing of inaccurate particulars of income. During the scrutiny assessment of the appellant, Kalra Papers…

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