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2016 (8) TMI 1492 - ITAT MUMBAIPenalty levied u/s. 271(1)(c) - Addition of unsecured loan which was not disclosed in the original return - HELD THAT:- The notice in the present case, does not reflect as to whether the present notice for initiation of penalty has been issued for concealment of income or furnishing of inaccurate particulars of income and hence the very basis for levy of penalty u/s 271(1)(c) of the Act is held to be invalid. We, therefore, respectfully following the decision of the Hon'ble Karnataka High Court in the case of M/s. Manjunatha Cotton & Ginning Factory [2013 (7) TMI 620 - KARNATAKA HIGH COURT] to hold that the notice issued u/s 274 r.w.s. 271(1)(c) of the Act dated 30.12.2009 for A.Y 2004-05 initiating the penalty proceedings u/s 271(1)(c) of the Act in the case in hand is invalid and consequently, the penalty proceedings are also invalid - Decided in favour of assessee.
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