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Income Tax Officer, Ward 6 (3) (2) , Bangalore Versus SLN Traders, Bangalore and Vice Versa

2016 (9) TMI 1066 - ITAT BANGALORE

Initiation of penalty proceedings u/s. 271(1)(c) - Held that:- We find that in the notice issued under section 274 r.w. sec. 271 of the Act, the AO has not specifically mentioned as to whether the penalty proceedings are initiated on account of conce .....

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y 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 to be quashed. We accordingly set aside the penalty order and delete the penalty on a .....

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ent : C. Ramesh, CA ORDER The appeal is preferred by the revenue against the order of CIT(Appeals)-2, Bengaluru dated 27.04.2015 deleting the penalty levied u/s. 271(1)(c) of the Income-tax Act, 1961 [hereinafter referred to as the Act ]. The assesse .....

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& 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 .....

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g of the appeal, the ld. counsel for the assessee has invited our attention to the notice u/s. 274 r.w. sec. 271 of the Act with the submission that the AO has not mentioned in the notice as to whether he intends to initiate penalty proceedings on ac .....

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Ginning Factory (supra) that notice u/s. 274 of the Act should specifically state the grounds mentioned u/s. 271(1)(c) i.e., whether it is for concealment of income or furnishing of inaccurate particulars of such income. Sending printed form where a .....

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ed reliance upon the order of the CIT(Appeals). 2. Having carefully examined the orders of the lower authorities in the light of rival submissions, we find that in the notice issued under section 274 r.w. sec. 271 of the Act, the AO has not specifica .....

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case of CIT & Anr. V. Manjunatha Cotton & Ginning Factory (supra) and they have laid down the parameters under which penalty u/s. 271(1)(c) of the Act has to be levied. Under clauses (p) & (q) of para 63 of the judgment, Their Lordships h .....

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