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2017 (4) TMI 1590 - AT - Income TaxLevy of penalty under section 271(1)(c) - Validity of notice u/s 274 - HELD THAT:- No contrary decision of the Hon'ble Apex Court or the Hon'ble Bombay High Court has been brought to our notice or placed before us for consideration. Therefore, respectfully following case of Manjunatha Cotton & Ginning Factory[ [2013 (7) TMI 620 - KARNATAKA HIGH COURT] decision in the case of CIT Vrs Samson Perinchery [2017 (1) TMI 1292 - BOMBAY HIGH COURT] we hold that the notice issued under section 274 r.w.s. 271 of the Act dated 29.11.2007 for A.Y. 2005-06 for initiating penalty proceedings under section 271(1)(c) of the Act in the case on hand is invalid and consequently, the penalty proceedings are also invalid. In this view of the matter, the additional grounds raised by the assessee are allowed. The very basis for the levy of penalty under section 271(1)(c) of the Act has been held to be invalid - Decided in favour of assessee.
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