Case Law Details
ITO Vs M/s Ambey Retailers Pvt. Ltd. (ITAT Kolkata)
ITAT Held that as notice issued under section 274 read with section 271(1)(c) of Income Tax Act, 1961 did not specify particular viz., whether assessee had concealed particulars of income or had furnished inaccurate particulars thereof, hence, levy of penalty could not be sustained.
FULL TEXT OF THE ITAT JUDGMENT
This Revenue’s appeal for assessment year 2012-13 challenges correctness of Commissioner of Income Tax (Appeals)-5, Kolkata’s order dated 03.07.2017, passed in case No.472/CIT(A)-5/W-15(1)/15-16, reversing the Assessing Officer’s action deleting imposing penalty of ₹50,21,837/-involving proceedings u/s. 271(1)(c) of the Income Tax Act, 1961; in short ‘the Act’.
2. We have heard Learned Departmental Representative arguing in favour the above impugned penalty. Case file perused. It emerges first of all that CIT(A)’s detailed discussion on the issue reads as under:-
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