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TMI Blog2021 (3) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... has mentioned I am satisfied that the assessee has concealed his income and furnished inaccurate particulars of income within the meaning of section 271(1)(c) of the Act. Accordingly, penalty proceedings u/s 274 read with section 271(1)(c) of the Act are initiated . The AO on the same day issued penalty notice dated 21.03.2006 in which the AO has mentioned the same facts (supra). It would, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Assessee : Shri P. Kaushik, Advocate For the Revenue : Shri Prakash Dubey, Sr. DR ORDER PER BHAVNESH SAINI, J.M. This appeal by assessee has been directed against the order of Ld. CIT(Appeals)-XI, New Delhi dated 18.02.2013 for AY 2003-04, challenging the levy of penalty u/s 271(1)(c) of the Income Tax Act, 1961. 2. Briefly the facts of the case are that return declar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nation 1, 2, 3, 4 and 5. 4. He has submitted that in the penalty notice the AO has mentioned both the ingredients of section 271(1)(c) of the Act, therefore, notice is invalid and bad in law and, as such, penalty is liable to be cancelled. 5. On the other hand, Ld. DR relied upon the orders of the authorities below and has submitted that this point was not raised before the authorities bel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enalty. In the case of CIT Vs. M/s SSA s Emerald Meadows reported in 73 taxmann.com 241, the Hon ble Karnataka High Court confirm the order of the Tribunal in which the Tribunal held that the notice issued by the AO u/s 274 read with section 271(1)(c) of 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. whethe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e facts mentioned in the assessment order and issue of notice by the AO, therefore, assessee could raise such point at any stage which being legal in nature. The contention of Ld. DR is, therefore, rejected. 9. In view of the above, we set aside the order of the authorities below and cancel the penalty. 10. In the result, the appeal of assessee is allowed. Order pronounced in the open cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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