Shree Krishna Vanaspati Industries Pvt. Ltd. vs. Income Tax Officer, Ward-23(3), New Delhi
Parties Involved
Facts Summary
The assessee, Shree Krishna Vanaspati Industries Pvt. Ltd., had its assessment completed for the Assessment Year 2012-13 with various additions. Subsequently, a penalty of Rs.15,64,288/- was levied under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The assessee received two notices dated 30/03/2015 and 31/08/2015 for the penalty proceedings. However, these notices did not specify whether the penalty was for concealment of income or for furnishing inaccurate particulars of income. The assessee argued that the penalty proceedings were invalid due to this lack of specificity, referencing a Karnataka High Court decision. The Department defended the penalty, arguing that the Assessing Officer had recorded satisfaction about the inaccurate particulars of income.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the penalty proceedings are valid if the notice does not specify whether it is for concealment of income or furnishing inaccurate particulars of income.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
4 precedents cited in this judgement.
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