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2018 (4) TMI 1756 - AT - Income TaxPenalty u/s 271(1)(c) - HELD THAT:- As we have observed in Meherjee Cassinath Holdings Pvt. Ltd. [2017 (5) TMI 904 - ITAT MUMBAI] while relying on the judgment of Hon'ble Supreme Court not only in the case of Dilip N. Shroff [2007 (5) TMI 198 - SUPREME COURT] but also in the case of T. Ashok Pai, [2007 (5) TMI 199 - SUPREME COURT] wherein it was held the two expressions, namely 'concealment of the particulars of income' and 'furnishing of inaccurate particulars of income' have different connotations, it is imperative for the assessee to be made aware as to which of the two is being put against him for the purpose of levy of penalty u/s 271(1)(c) of the Act. With utmost regards to the decision of coordinate bench, we noted that the decisions of Hon’ble Apex Court were not brought to the notice of coordinate benches. With this observation, we accepted the legal submissions of the ld. AR for the assessee and allow the grounds of appeal raised by the assessee. Appeal filed by assessee is allowed.
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