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/

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