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2022 (2) TMI 1031 - AT - Income TaxPenalty u/s 271(1)(c) - Taxability of ALV - HELD THAT:- Taxability of ALV was highly debatable and, in fact, right from Assessment Year 1998-99 and till such time, while the Assessing Officer was making similar additions, the ld. CIT(A) and the Tribunal were consistently deleting the same year after year. It is not in dispute that it is only by order dated 31.10.2012 [2012 (11) TMI 323 - DELHI HIGH COURT] the Hon'ble High Court of Delhi decided the issue against the assessee. It is equally true that SLP of the assessee is pending before the Hon'ble Supreme Court. Past history of the assessee clearly shows that taxability of ALV in respect of vacant commercial/self-occupied assets was a highly debatable issue and two views were possible. Since the assessee has taken a plausible view, the same cannot be considered as filing of inaccurate particulars of income or concealment of particulars of income. Therefore, we do not find any error or infirmity in the findings of the ld. CIT(A). Ground No. 1 is accordingly dismissed. Defective notice - Notice issued by the Assessing Officer u/s 274 r.w.s 271(1)(c) of the Act to be bad in law as it did not specify which limb of section 271(1)(c) of the Act the penalty proceedings had been initiated i.e. whether for concealment of particulars of income or furnishing of inaccurate particulars of income. The issue was decided in favour of the assessee - See SSA Emerald Meadows [2015 (11) TMI 1620 - KARNATAKA HIGH COURT]
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