2016 (8) TMI 1145 - SCH - Income Tax

Penalty u/s 271(1)(c) - Concealment of income - Held that:- HC order confirmed [2015 (11) TMI 1620 - KARNATAKA HIGH COURT] . Notice issued by AO 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. - Decided in favour of assessee.