TMI Blog2016 (3) TMI 1276X X X X Extracts X X X X X X X X Extracts X X X X ..... . In such circumstances, the ratio laid down in the judgment of the Hon’ble Karnataka High Court in the case of Manjunatha Cotton and Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) is squarely applicable to the facts of the present case. Accordingly, in our opinion this not a fit case to levy penalty u/s 271(1)(c) of the Act and therefore, the grounds raised by the assessee are allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty to cross-examine in all cases. c) He further erred in generalizing that even in the appellant s case, the broker had merely issued bills and contracts without actually effecting the delivery of the shares mentioned in the said bills and contracts. d) He failed to appreciate that there was no material on record to show that the sale of shares by the appellant was bogus and hence there was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncealment of income . Drawing our attention to the copy of the notices issued u/s 274 r.w.s 271 of the Act, Ld Counsel for the assessee mentioned that the AO kept the relevant columns blank on page 2 of the said notice. He read out the relevant columns of the said notice and also the cited judgment of the Hon ble Karnataka High Court in the case of Manjunatha Cotton and Ginning Factory (supra). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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