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2019 (1) TMI 1409 - AT - Income TaxPenalty u/s 271(1)(c) - validity of notice - whether Assessing Officer has initiated penalty proceedings for concealment of particulars of income or for furnished inaccurate particulars? - Held that:- The notice issued by the Assessing Officer is a vague notice and is liable to be quashed in the light of the decision of Smt. Baisetty Revathi [2017 (7) TMI 776 - ANDHRA PRADESH HIGH COURT] and also SSA’s Emerald Meadows [2016 (8) TMI 1145 - SUPREME COURT]. The coordinate bench in the case of Konchada Sreeram Vs. ITO [2017 (11) TMI 1164 - ITAT VISAKHAPATNAM]has considered the validity of notice by following the above referred to judgments and held that notice issued by the Assessing Officer is not a valid notice and accordingly quashed. Thus we hold that the notice issued under section 271 read with section 274 is invalid and, therefore penalty imposed by the Assessing Officer is cancelled. - Decided in favour of assessee
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