Penalty cannot be cancelled for mere non-specification of limb under which penalty u/s 271(1)(c) is levied

Moola Padmaja Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that penalty under section 271(1)(c) of Income tax Act cannot be cancelled merely because of non-specification of limb i.e., for concealment of income or furnishing inaccurate particular of income under which penalty is levied. Facts- The assessee is an individual and co-owner of a parcel of land admeasuring acres 6.08 guntas. The assessee along with other co-owners entered into a land development agreement with M/s. Western Constructions on 03.05.2007. As per the supplementary development agreement dated 26.03.2010 the landlords were ...