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2019 (2) TMI 2076 - AT - Income TaxPenalty u/s 271(1)(c) - Defective notice u/s 274 - whether the asseessee is guilty of having “furnished inaccurate particulars of income” or of having “concealed particulars of such income”? - HELD THAT:- Decision of the Coordinate Bench of this Tribunal rendered in the case of Suvaprasanna Bhattacharya [2015 (12) TMI 43 - ITAT KOLKATA] by relying on the decision in the case of CIT & Another –vs.- Manjunatha Cotton & Ginning Factory [2013 (7) TMI 620 - KARNATAKA HIGH COURT] is squarely applicable in the present case and respectfully following the same, we hold that the show-cause notices issued by the AO under section 274 for both the years under consideration not being in accordance with law, the penalty orders passed by the AO in pursuance thereof are liable to be cancelled being invalid. We accordingly uphold the impugned orders of the ld. CIT(Appeals) canceling the penalties imposed by the AO under section 271(1)(c) for both the years under consideration and dismiss both the appeals of the Revenue.
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