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2016 (9) TMI 1066 - ITAT BANGALORE

2016 (9) TMI 1066 - ITAT BANGALORE - TMI - 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 concealment of particulars 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 ca .....

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e : Swapna Das, Jt. CIT(DR) For the Respondent : 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 assessee has filed the Cross Objections raising a preliminary objection that the CIT(Appeals) has not given any finding on the submissions of the Respondent-assessee that in light of the decision of the Hon'ble .....

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e threshold. 3. During the course of hearing 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 account of concealment of particulars of income or furnishing inaccurate particulars of such income. It was further contended that the Hon'ble jurisdictional High Court has categorically held in the case o .....

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