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<h1>Penalty under s.271(1)(c) quashed where s.274 notice failed to specify concealment or inaccurate particulars limb</h1> SC upheld HC, ruling in favour of the assessee and quashing penalty proceedings under s.271(1)(c). The Court held the notice issued by the AO under s.274 ... Penalty u/s 271(1)(c) - Concealment of income - Held that:- HC order confirmed [2015 (11) TMI 1620 - KARNATAKA HIGH COURT]. Notice issued by AO 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 assessee. The Supreme Court dismissed the special leave petition as they found no merit in it. The delay was condoned, and any pending application was disposed of.
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