Penalty u/s. 271(1)(c) rightly set aside as AO not clear about applicability of particular limb

PCIT Vs J & K Power Development Corporation Limited (Jammu & Kashmir High Court) Jammu Kashmir High Court held that Tribunal rightly set aside penalty under section 271(1)(c) as AO not clear whether it was case of concealment of particulars of income or failure to furnish correct particulars of income. Penalty not leviable as AO not clear about applicability of particular limb. Facts- The present appeal is filed by PCIT mainly raising the substantial question of law that whether the proceedings for imposition of penalty u/s. 271(1)(c) of the Income Tax Act, 1961, can be vitiated if the...