2021 (6) TMI 461

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....tances of the case and on questions of law in levying the penalty u/s.271(1)(c) of the Income Tax Act, 1961, when there is no bona-fide intention of concealment or furnishing of inaccurate particulars of income. 2. The learned Assessing Officer had erred on the facts and in the circumstances of the case and on questions of law without appreciating the facts that the assessee has co-operated with the department in the whole proceedings of assessment. 3. The learned Assessing Officer had erred on the facts and in the circumstances of the case and on questions of law without appreciating the facts that there were two appeals were pending before the Pune Bench of ITAT u/s.253 of the Income Tax Act, 1961, at the time of proceed....

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....s opined that since penalty proceedings are separate proceedings than that with assessment, the charges must be specific and facts and circumstances should demonstrate that there is concealment of income or furnishing of inaccurate particulars of income. In another case of CIT v. SSA's Emerald Meadows [2016] 73 taxmann.com 241, wherein the Hon‟ble Karnataka High Court following its own decision in the case of CIT v. Manjunatha Cotton & Ginning factory (supra) took a view that imposing of penalty u/s 271(1)(c) of the Act is bad in law and invalid for the reason that the show cause notice u/s 274 of the Act does not specify the charge against the assessee as to whether it is for concealment of particulars of income or furnishing of inac....