No Specification of Concealment or Inaccurate Particulars in SCN: ITAT rescinds Rs.10 Crore Income Tax Addition u/s 271(1)(c)

No Specification of Concealment or Inaccurate Particulars in SCN, ITAT Rescinds Rs 10 Crore Income Tax Addition Under Section 271(1)(c): The Income Tax Appellate Tribunal (ITAT) rescinded a ₹10 crore income tax addition under Section 271(1)(c) of the Income Tax Act, finding that the Show Cause Notice (SCN) did not specify any concealment or inaccurate particulars. Section 271(1)(c) relates to penalties for concealment of income or inaccurate reporting in tax returns. The ITAT ruled that for the imposition of penalties under this section, the tax authorities must provide clear evidence of intentional misreporting or evasion. This ruling ensures that taxpayers are not unfairly penalized without sufficient proof of wrongdoing.