No addition of Rs.10 Crore u/s 271(1)(C) without specification of concealment or inaccurate particulars in SCN

DCIT Vs Vankadara Padmavathi (ITAT Bangalore) Conclusion: Addition of Rs.10 Crore under Section 271(1)(c) was not justified as Revenue failed to specify whether the addition was being made alleging concealment of income or for furnishing inaccurate particulars of income. Held: Assessee was proprietor of M/s. Mineral Embassy, which was engaged in procurement and export of iron ore. Assessee filed return of income declaring total income of Rs. 1,71,350 and was issued statutory notices.  During the course of assessment proceedings, it was found that assessee gave advances to Associated Mining Co...