2020 (5) TMI 619
X X X X Extracts X X X X
X X X X Extracts X X X X
....ulars of income or concealed particulars of income, the penalty levied by the Income Tax Officer was against the law and facts of the case and the Commissioner (Appeals) is wrong in confirming the same." 3. The assessment u/s 143(3) was completed on 29/12/2006 determining the total taxable income of Rs. 30,45,125/- as against return income of Rs. 23,85,514/-. The penalty proceedings u/s 271 (1)(c) of the Income Tax Act, 1961 was initiated the penalty of Rs. 2,89,190/- was imposed on the addition on account of sale of shares and unexplained credit. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. The Ld. AR submitted that the notices u/s 274 read ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....issue is squarely covered by the decision of the Hon'ble Supreme Court in case of M/s SSA' Emerald Meadows. The extract of the Hon'ble Karnataka High Court in M/s. SSA' Emerald Meadows are as under which was confirmed by the Hon'ble Apex Court: "3. The Tribunal has allowed the appeal filed by the assessee holding the notice issued by the Assessing Officer under Section 274 read with Section 271(1)(c) of the Income Tax Act, 1961 (for short 'the Act') 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. The Tribunal, while allowing the appeal of the assessee, h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....1(1)(c) of the Act, which was accepted by the ITAT. It followed the decision of the Karnataka High Court in CIT v. Manjunatha Cotton & Ginning Factory 359 ITR 565 (Kar) and observed that the notice issued by the AO would be bad in law if it did not specify which limb of Section 271(1)(c) the penalty proceedings had been initiated under i.e. whether for concealment of particulars of income or for furnishing of inaccurate particulars of income. The Karnataka High Court had followed the above judgment in the subsequent order in Commissioner of Income Tax v. SSA's Emerald Meadows (2016) 73 Taxman.com 241(Kar), the appeal against which was dismissed by the Supreme Court of India in SLP No. 11485 of 2016 by order dated 5th August, 2016. 22. On....