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RAJIV SHAKDHER, GIRISH KATHPALIA
Principal Commissioner of Income Tax-6 – Appellant
Versus
Modi Rubber Ltd. – Respondent
JUDGMENT
[Physical Hearing/Hybrid Hearing (as per request)]
Rajiv Shakdher, J. (Oral)
1. This appeal concerns Assessment Year (AY) 2003-04.
2. Via the instant appeal, the appellant/revenue seeks to assail the order dated 14.06.2018 passed by the Income Tax Appellate Tribunal [in short, "Tribunal"].
3. The questions of law proposed in the instant appeal are the following:
(i) Whether on the facts and circumstances of the case the Ld. ITAT was justified in law in deleting the penalty u/s 271(1)(c) of the Income Tax Act, 1961 amounting to Rs.12,90,00,000/- by relying upon the decision of the Hon'ble Apex Court in the case of SSA Emerald Meadows (2016) 73 taxrnann.com 248(SC) ignoring the fact that the AO has clearly recorded his satisfaction regarding furnishing of inaccurate particulars of the income in the assessment order?
(ii) Whether on the facts and circumstances of the case the Ld. ITAT was justified in law in deleting the penalty u/s 271(1 )(c) of the Income Tax Act, 1961, amounting to Rs. 12,90,00,000/- by holding that there was no application of mind in issue of notice proposing levy of penalty due to non-ticking of the relevant clause of 'concealment of income' or 'furnishing of
The necessity for the Assessing Officer to clearly indicate the provision/limb under which penalty proceedings are triggered against the assessee.
Penalty proceedings under Section 271(1)(c) of the Income Tax Act require the Assessing Officer to clearly specify the provision/limb under which penalty proceedings are triggered against the assesse....
The main legal point established in the judgment is the necessity for the assessing officer to clearly specify whether penalty is being levied for concealment of income or for furnishing inaccurate p....
The court ruled that vague penalty notices under Section 271(1)(c) of the Income Tax Act invalidate the imposition of penalties, ensuring the assessee's right to a clear defense.
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