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2016 (3) TMI 1276 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Held that:- On perusal of the said notice issued u/s 274 r.w.s 271 of the Act, we find, the applicable limb of clause-(c) of section 271(1) of the Act ie “furnishing of inaccurate particulars of income” or “concealment of income” is kept blank by the AO while issuing the notice. In such circumstances, the ratio laid down in the judgment of the Hon’ble Karnataka High Court in the case of Manjunatha Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) is squarely applicable to the facts of the present case. Accordingly, in our opinion this not a fit case to levy penalty u/s 271(1)(c) of the Act and therefore, the grounds raised by the assessee are allowed.
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