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2014 (11) TMI 105 - HC - Income TaxPenalty u/s 271(1)(c) set aside Inaccurate particulars furnished or not - Held that:- The Tribunal was rightly of the view that there is no mala fide on the part of the assessee in putting forth claim for depreciation and it would not constitute furnishing of inaccurate particulars, there was no justification to interfere with the material finding of fact - no direction was issued to initiate penalty proceedings in COMMISSIONER OF INCOME TAX AND ANOTHER vs MANJUNATHA COTTON AND GINNING FACTORY [013 (7) TMI 620 - KARNATAKA HIGH COURT] it has been held that the condition precedent for initiation of penalty proceedings u/s 271(1)(c) is existence of condition referred to in the section - The person initiating penalty proceedings should be satisfied about the existence of the conditions which should be reflected in the assessment orders passed by them - The Section (1B) is attracted and these conditions deemed to exist which confers jurisdiction on him to initiate penalty proceedings - in the absence of a specific direction to initiate penalty proceedings, the initiation of the proceedings is bad thus the order of the Tribunal is upheld Decided against revenue.
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