Case Law Details
Aimil Pharmaceuticals (I) Ltd. Vs ITO (ITAT Delhi)
Held that notice issued u/s. 274 r.w.s. 271(1)(c) needs to specify the limb under which penalty proceedings are initiated. Penalty not leviable, in absence of the specification of the limb.
Facts-
The assessee filed its return of income declaring income at Nil. AO completed the scrutiny assessment u/s. 143(3) at the net book profit of Rs.2,16,10,800/- after allowing set off of brought forward book loss of Rs. 89,26,065/- u/s. 115JB of the Act. AO imposed the penalty of Rs.36,72,755/- against the assessee u/s. 271(1)(c) of the Act for furnishing of inaccurate particulars of its income.
The assessee challenged the penalty order before the Commissioner, however, the same was affirmed. Being aggrieved, the Assessee preferred the present appeal.
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