Validity of penalty proceedings under Income-tax Act

The Hyderabad Bench of the Income-tax Appellate Tribunals held that since the Assessing Officer (AO) did not mention whether the notice issued was for concealment of income or for furnishing of inaccurate particulars of income, the notice issued by the AO under Section 274 read with Section 271(1)(c) of the Income-tax Act, 1961 is not valid and consequently, the order passed by the AO for concealment of income under Section 271(1)(c) of the Act is not valid. The case is: Sri Nilaya AR Projects. Read a report on Validity of penalty proceedings under Income-tax Act [PDF 367 KB] of KPMG