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2016 (10) TMI 525 - AT - Income TaxPenalty under section 271(1)(c) - validity of notice - Concealment of income - Held that:- Respectfully following the decision of the Hon’ble Karnataka High Court in the case of Manjunatha Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT), we hold that the notice issued u/s. 274 r.w.s. 271(1)(c) of the Act dated 8/3/2013 for assessment year 2010-11 for initiating penalty proceedings under section 271(1)(c) of the Act in the case on hand is invalid and consequently, the penalty proceedings and levy of penalty thereunder are also invalid. In this view of the matter, the additional ground raised by the assessee is allowed.
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