Case Law Details
ABR Auto (P) Ltd. Vs ACIT (ITAT Delhi)
As neither the assessment order nor the show cause notice issued by AO stated the specific charge of alleged concealment and/or furnishing of inaccurate particulars of income vis-a-vis addition made by AO, entire penalty proceedings under Section 271(1)(c) of Income Tax Act, 1961 were vitiated.
FULL TEXT OF THE ITAT JUDGMENT
Assessee has filed the appeal against the Order dated 04.9.2015 passed by the Ld. Commissioner of Income Tax (Appeals-I), New Delhi pertaining to assessment year 2009-10. The solitary issue raised in the appeal is relating to upholding the penalty of Rs.36,58,000/- u/s. 271(1)(c) of the I.T. Act, 1961.
2. The facts in brief are that assessee is an investment company and has made investment in the shares of closely held unquoted companies. The total amount of investment as on 31.3.2008 was Rs. 8,04,71,569/-. The Assessment in this case was made making the following additions:-
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i want to get some judgement against 271 (1)(c)
and for sec 138 favor