C & S Electric Limited vs. National Faceless Assessment Centre
Parties Involved
Facts Summary
The assessee, C & S Electric Limited, had its assessment completed under section 143(3) on 19.12.2017 with various additions and disallowances. Subsequently, a penalty order under section 271(1)(c) was passed on 29.03.2022, levying a penalty of Rs. 45,85,083/- for concealment of income. The penalty proceedings were initiated via a notice dated 26/12/2017, which did not specify whether the penalty was for concealment of income or furnishing inaccurate particulars of income. The assessee argued that the notice was deficient as it did not specify the limb under which the penalty was being initiated, relying on several judicial pronouncements. The Department defended the order, arguing that the Assessing Officer had recorded satisfaction about the assessee furnishing inaccurate particulars of income.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the penalty proceedings initiated without specifying the limb under section 271(1)(c) are valid.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
6 precedents cited in this judgement.
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