2024 (12) TMI 1282 - SCH - Income Tax

Penalty u/s 271(1)(c) - Concealment of income - validity of notice - HELD THAT - Having regard to the peculiar facts of this case inasmuch as the High Court 2017 (10) TMI 1400 - KARNATAKA HIGH COURT has followed CIT Vs. Manjunatha Cotton and Ginning Factory 2013 (7) TMI 620 - KARNATAKA HIGH COURT we are not inclined to interfere in the matter. The reason being that the aforesaid judgment in Manjunatha Cotton and Ginning Factory case (supra) has been relied upon in M/s SSA s Emerald Meadows 2015 (11) TMI 1620 - KARNATAKA HIGH COURT and the said judgment has been sustained by this Court in SLP 2016 (8) TMI 1145 - SC ORDER inasmuch as the said special leave petition was dismissed. Therefore, we are not inclined to go into the question of law, if any, as such raised in these Special Leave Petitions, the same is kept open.

Summary

The Supreme Court dismissed the Special Leave Petitions as the High Court followed a previous judgment and there was no need to interfere. The question of law raised in the petitions was kept open. The Special Leave Petitions were dismissed.