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2016 (8) TMI 1224 - AT - Income TaxPenalty u/s. 271(1)(c) - validity of notice - Held that:- The Hon’ble Karnataka High Court in the case of CIT & Anr. v. Manjunatha Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT)has held that notice u/s. 274 of the Act should specifically state as to whether penalty is being proposed to be imposed for concealment of income or for furnishing inaccurate particulars of income. Thus in the present case we hold that the order dt: 29-06-2011 levying penalty is not valid. - Decided in favour of assessee.
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