Tag Archives: Principal Commissioner of Income-tax Central

Penalty Cannot Be Imposed Based on Vague Cyclostyled Notice Lacking Specific Grounds

By | September 18, 2026
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Penalty Cannot Be Imposed Based on Vague Cyclostyled Notice Lacking Specific Grounds Issue Whether a penalty under Section 271(1)(c) of the Income-tax Act, 1961 can be validly imposed based on a cyclostyled show cause notice where irrelevant options were not struck off, making the notice vague and incapable of a proper response. Facts The Assessing… Read More »

On-money from an incomplete project cannot be taxed under the project completion method via revisionary powers.

By | July 9, 2026
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On-money from an incomplete project cannot be taxed under the project completion method via revisionary powers. Issue Whether the Principal Commissioner of Income-tax (PCIT) can validly invoke revisionary powers under section 263 to tax an on-money receipt of Rs. 7.96 crore in the current assessment year, when the assessee follows the undisputed project completion method… Read More »