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2018 (2) TMI 737

rder dated 29.6.2016 he held that the assessee had without reasonable cause concealed the particulars of his income, and / or furnished inaccurate particulars of income assessed. Therefore, in view of above, the penalty in dispute is not sustainable in the eyes of law and needs to be deleted. See CIT & Anr. Vs. M/s SSA’s Emerald Meadows [2015 (11) TMI 1620 – Karnataka High Court] wherein held that the notice issued by the Assessing Officer under section 274 read with Section 271(1)(c) to be bad in law as it did not specify which limb of Section 271(1)(c) of the Act, the penalty proceedings had been initiated i.e., whether for concealment of particulars of income or furnishing of inaccurate particulars of income. - Decided in favour of asses .....

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order passed by Assessing Officer, in spite of the fact that Assessing officer had not recorded his satisfaction as to the concealment of particulars of Income by the Assessee in the assessment order. 3. Facts narrated by the revenue authorities are not disputed by both the parties, hence, the same are not repeated here for the sake of brevity. 4. At the time of hearing, Ld. Counsel of the Assessee has stated that the penalty proceedings ought to fail, the penalty was initiated for furnishing of inaccurate particulars of income/concealment of income. Also the notice for penalty u/s. 271 read with Section 274 of the I. T. Act, 1961 was ambiguous and vague in as much as it is stated both concealment of particulars of income or furnishing of i .....

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142(1)/143(2) of the Income Tax Act, 1961. * have concealed the particulars of your income and have furnished inaccurate particulars of such income……. 6.1 After perusing the notice dated 29.12.2015 issued by the AO to the assessee, I am of the view that the AO has initiated the penalty for concealing the particulars of income or furnishing inaccurate particulars of income as well as in the penalty order dated 29.6.2016 he held that the assessee had without reasonable cause concealed the particulars of his income, and / or furnished inaccurate particulars of income assessed. Therefore, in view of above, the penalty in dispute is not sustainable in the eyes of law and needs to be deleted. My aforesaid view is fortified by the fo .....

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