SARTHAV PROJECTS vs ITO WARD 3(3)(5)

Whether penalty under section 271(1)(c) of the Income-tax Act, 1961, can be sustained where the notice issued under section 274 does not specify the particular limb under which the penalty is proposed to be levied --- Held No. Whether mere delay in filing the return of income, in the absence of any material establishing concealment of income or furnishing of inaccurate particulars of income, justifies the imposition of penalty under section 271(1)(c) of the Act --- Held No.