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TMI Blog2018 (6) TMI 1749X X X X Extracts X X X X X X X X Extracts X X X X ..... of furnishing inaccurate particulars of income, the Tribunal order cited by ld. AR of assessee rendered in the case of CIT Vs. Manjunatha Cotton and Ginning factory [ 2013 (7) TMI 620 - KARNATAKA HIGH COURT] is squarely applicable and respectfully following it we hold that in the present case also, the penalty order passed by AO is invalid and as a consequence, the penalty imposed by AO stands de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 271[1][c] of the Act is bad in law as it is not discernable as to whether the penalty proceedings is initiated for furnishing of inaccurate particulars of income or concealment of income from the notice issued under section 274 rws 271 of the Act under the facts and in the circumstances of the appellant's case and therefore, the impugned order passed deserves to be cancelled. 3. With ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs. 3. It was submitted by ld. AR of assessee that the notice issued by the AO u/s. 274 r.w.s. 271 of IT Act is available on page no. 8A of the paper book and from the same, it can be seen that the AO has not made it clear as to whether the assessee is guilty of concealment of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO has not made it clear in the notice issued by him u/s. 274 r.w.s. 271 of IT Act that whether the assessee is guilty of concealment of income or of furnishing inaccurate particulars of income, the Tribunal order cited by ld. AR of assessee rendered in the case of Sri A Nagaraju Vs. ITO(supra) and in turn the judgement of Hon'ble Karnataka High Court rendered in the case of CIT Vs. Manjunath ..... X X X X Extracts X X X X X X X X Extracts X X X X
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