Section 271(1)(c) penalty not imposable if notice mentions both limbs

DCIT Vs Ambuja Neotia Holdings Pvt. Ltd. (ITAT Kolkata) ITAT find that the notice u/s 274 read with Section 271(1)(c) dated 13.08.2015 has been issued in a mechanical manner and in standard format without mentioning one of the two limbs on which the penalty was proposed to be levied. In other words, the notice mentioned both the limbs i.e. considering of record as well as furnishing of income inaccurate manner which is not permissible under the Act. In view of these facts we do not find any infirmity in the order of Ld. CIT(A). Non-mentioning of relevant limb in the penalty notice in substanti...