Penalty notice u/s. 271(1)(c) without specifying correct limb is invalid: ITAT Kolkata

Advertisement D.K. Industries Vs ITO (ITAT Kolkata) ITAT Kolkata held that issuance of penalty notice under section 271(1)(c) without specifying the correct limb for imposition of penalty is invalid. Accordingly, order passed thereon is liable to be quashed. Facts- A proceeding u/s 271(1) (c) of the Act was initiated against the assessee as during the assessment proceedings u/s 143(3) of the Act it was seen that in the ABN Amro Bank account of the assessee a cash amounting to Rs. 20 Lakh was deposited. Assessee has been asked to furnish explanation and AO after considering the explanation o...