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2017 (9) TMI 1927 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice - addition on account of bogus liabilities AND on account of unaccounted entries - CIT(A) deleted the penalty - assessee argued for non specification of charge in notice - HELD THAT:- As in case of Cit Vs. Manjunatha Cotton and Ginning Factory , [2013 (7) TMI 620 - KARNATAKA HIGH COURT] wherein it is held that as the notice issued by the ld Assessing Officer did not specify under which limb of section 271(1)(c) penalty proceedings had been initiated, i.e. whether for concealment of particulars of income or furnishing of inaccurate particulars of income, therefore, the order of levy of penalty is bad. On the similar circumstances in the assessment order at page No.6 the ld Assessing Officer has mentioned both the limbs and in the penalty order Assessing Officer has levied penalty on both the limbs. Therefore, in view of the above judicial precedents, we do not find any infirmity in the order of the order of the ld CIT(A) in deleting the penalty u/s 271(1)(c) of Assessing Officer - Decided against revenue.
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