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2015 (10) TMI 2006 - AT - Income TaxPenalty under Section 271(1)(c) - irregular notice - Held that:- The Assessing Officer has not specified the relevant portion of the clause (c) of the notice under Section 274 rws 271 of the Act for initiating penalty proceedings under Section 271(1)(c) of the Act for Assessment Years 2006-07 to 2008-09. Therefore, respectfully following the decision of CIT Vs. Manjunatha Cotton & Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT ) we hold that the notices issued under Section 274 rws 271 of the Act in the case on hand for Assessment Years 2006-07 to 2008-09 are invalid. We, therefore, cancel the impugned orders of the authorities below levying penalty under Section 271(1)(c) of the Act for all the three assessment years involved. - Decided in favour of assessee.
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