https://www.taxtmi.com/caselaws?id=763702 Penalty proceedings under Section 271(1)(c) require proper satisfaction for initiation, and the notice under Section 274 must specify the grounds relied on; assessment and penalty proceedings remain independent. The Supreme Court declined to interfere because the High Court had followed the binding precedent in Manjunatha Cotton and Ginning Factory, later relied on in SSA's Emerald Meadows, and that view had already been left undisturbed. The special leave petitions were dismissed, while the substantive legal question was not examined further and was left open. en-us Tue, 12 Nov 2024 00:00:00 +0530 Wed, 29 Apr 2026 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763702 Penalty proceedings under Section 271(1)(c) require proper satisfaction for initiation, and the notice under Section 274 must specify the grounds relied on; assessment and penalty proceedings remain independent. The Supreme Court declined to interfere because the High Court had followed the binding precedent in Manjunatha Cotton and Ginning Factory, later relied on in SSA's Emerald Meadows, and that view had already been left undisturbed. The special leave petitions were dismissed, while the substantive legal question was not examined further and was left open. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763702