2017 (5) TMI 1612

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...., FCA & Shri Amit Agarwal, Advocate ORDER Per Shri A.T.Varkey, JM This is an appeal filed by the revenue against the order of Ld. CIT(A)-III, Kolkata dated 13.05.2014 for AY 2010-11 against the deletion of penalty levied by AO u/s. 271(1)(c) of the Income-tax Act, 1961 (hereinafter referred to as the "Act"). 2. At the outset itself, the Ld. AR while supporting the order of the Ld. CIT(....

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.... similar case the Hon'ble High court of Karnataka in the case of CIT vs Manjunatha Cotton and Ginning Factory reported in (2013) 359 ITR 565 (Kar) has cancelled the penalty taking note of the fact that the penalty notice did not spell out clearly as to whether the assessee has concealed the particulars of income or has furnished inaccurate particulars of Income. We also find that Hon'ble Karnataka....

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....mann.com 250(Kar). 4. In our view, since the matter is covered by judgment of the Division Bench of this Court, we are of the opinion, no substantial question of law arises in this appeal for determination by this Court. The appeal is accordingly dismissed." We also find that this issue has travelled to Hon'ble Supreme Court through SLP by the department which has been reported in (201....