Case Law Details
Case Name : K. World Developers Pvt. Ltd. Vs ACIT (ITAT Delhi)
Related Assessment Year : 2011-2012
Courts :
All ITAT ITAT Delhi
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K. World Developers Pvt. Ltd. Vs ACIT (ITAT Delhi)
ITAT Delhi held that issuance of notice under section 274 r.w.s. 271(1)(c) of the Income Tax Act without specifying the particular limb under which the penalty proceedings have been initiated concludes that the notice is issued in a stereotyped manner without applying mind and accordingly imposition of penalty is bad in law.
Facts- AO noticed that the Assessee has received the share capital of Rs.35,00,000/- from Ankay Ass
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