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2015 (12) TMI 1524 - AT - Income TaxPenalty u/s 271(1)( c) - Held that:- The show cause notice u/s. 274 of the Act is defective as it does not spell out the grounds on which the penalty is sought to be imposed. See case of CIT Vs. MWP Ltd. [2013 (12) TMI 1214 - KARNATAKA HIGH COURT ] wherein held that mere mention of "Penalty Proceedings under section 271(1)( c) initiated separately" in assessment order, does not amount to a direction under Section 271(1)( (c) for levy of penalty. - Decided in favour of assessee
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