TMI Blog2016 (9) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... rticulars of income or furnishing of inaccurate particulars of such income.See CIT & Anr. V. Manjunatha Cotton & Ginning Factory [2013 (7) TMI 620 - KARNATAKA HIGH COURT ] In the instant case, undisputedly the AO has not specifically stated the ground for which the penalty proceedings are initiated. We are of the view that the penalty proceedings are not properly initiated, therefore, deserves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Hon'ble High Court of Karnataka in the case of CIT Anr. V. Manjunatha Cotton Ginning Factory, 359 ITR 565 (Karn) , the penalty notice dated 28.3.2002 issued under the provisions of section 274 r.w. sec. 271 of the Act is not valid and legal, therefore the penalty levied is bad in law and has to be cancelled. 2. Since the assessee has raised a preliminary objection with regard t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concealment of income or furnishing of inaccurate particulars of such income. Sending printed form where all the grounds in section 271(1)(c) are mentioned would not satisfy the requirement of law. Therefore, in the light of these facts, initiation of penalty proceedings is not in accordance with law and deserves to be annulled. 4. The ld. DR simply placed reliance upon the order of the CIT(App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether it is for concealment of income or for furnishing of incorrect particulars of income. Sending printed form where all the grounds mentioned in section 271 are mentioned would not satisfy the requirement of law. 3. In the instant case, undisputedly the AO has not specifically stated the ground for which the penalty proceedings are initiated. In the light of the judgment of the Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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