2015 (11) TMI 1620 - HC - Income Tax

Penalty u/s 271(1)(c) - Concealment of income - validity of notice - Held that:- Tribunal has correctly allowed the appeal filed by the assessee holding the notice issued by the Assessing Officer under Section 274 read with Section 271(1)( c) to be bad in law as it did not specify which limb of Section 271(1)(c) of the Act, the penalty proceedings had been initiated i.e., whether for concealment of particulars of income or furnishing of inaccurate particulars of income. The Tribunal, while allowing the appeal of the assessee, has relied on the decision of the Division Bench of this Court rendered in the case of COMMISSIONER OF INCOME TAX - VS - MANJUNATHA COTTON AND GINNING FACTORY (2013 (7) TMI 620 - KARNATAKA HIGH COURT ) . Thus since the matter is covered by judgment of the Division Bench of this Court, we are of the opinion no substantial question of law arises - Decided in favour of assessee.