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2017 (5) TMI 1267 - AT - Income TaxLevy of penalty u/s 271(1)(c) - proof of concealment of particulars of income or furnishing inaccurate particulars of income - Held that:- The department itself is not sure of the charge to be framed against the assessee u/s 271(1)(c). In this regard, it is now trite that the charge for levy of concealment penalty has to be specific, in the absence of which, no penalty u/s 271(1)(c) of the Act is leviable/sustainable. Reliance in this regard has correctly been placed on behalf of the assessee, on “CIT vs. Manjunatha Cotton And Ginning Factory” (2013 (7) TMI 620 - KARNATAKA HIGH COURT) wherein, it has been, inter alia, held that the assessee should know the grounds which he has to meet specifically, otherwise, the principles of natural justice are offended, else no penalty can be imposed on the assessee. It is, thus, settled that the charge as to whether the assessee is guilty of furnishing inaccurate particulars of income, or of concealment thereof, has to be specific, otherwise no penalty is leviable or sustainable u/s 271(1)(c) of the Act. - Decided in favour of assessee.
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