No penalty could be levied u/s 271(1)(c) without specifying the limb of provision

DCIT Vs Sucon India Ltd. (ITAT Delhi) Conclusion: Notice issued by AO was bad in law since it did not specify under which limb of section 271(1)(c), the penalty proceedings had been initiated i.e. whether for concealment of income or for furnishing of inaccurate particular of income and merely because AO had treated the business loss claimed by assessee as speculation loss, the same could not tantamount to concealment of income warranting levy of penalty u/s 271(1)(c). Held: AO in the instant case levied penalty u/s 271(1)(c) on account of addition being speculative loss on derivative transact...