2016 (8) TMI 1145 - SCH - Income Tax

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.

Summary

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.