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2018 (2) TMI 2094 - ITAT KOLKATAPenalty u/s 271(1)(c) - Non specification of clear charge in notice - defective notice u/s 274 - introduction of fresh share capital including premium - AO held that the purported fresh share capital along with share premium was nothing but assessee’s own money conduited under the garb of fresh share capital into its books of account - HELD THAT:- Imposing of penalty u/s 271(1)(c) of the Act is bad in law and invalid for the reason that the show cause notice u/s 274 of the Act does not specify the charge against the assessee as to whether it is for concealment of particulars of income or furnishing of inaccurate particulars of income. See MANJUNATHA COTTON AND GINNING FACTORY [2013 (7) TMI 620 - KARNATAKA HIGH COURT] - Also decided in SHRI SAMSON PERINCHERY [2017 (1) TMI 1292 - BOMBAY HIGH COURT]imposition of penalty on defective show cause notice without specifying the charge against the assessee cannot be sustained Thus imposition of penalty and subsequently confirmed by the Ld. CIT(A) in the present case cannot be sustained and the same is hereby deleted. Appeal of assessee is allowed.
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