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([2016] 73 taxmann.com 248)

In case of CIT Vs. SSA’S Emerald Meadows, Supreme Court of India, held that,  notice issued by Assessing Officer under section 274 read with section 271(1)(c), without specifying under which limb of section 271(1)(c) penalty proceedings had been initiated, i.e., whether for concealment of particulars of income or furnishing of inaccurate particulars of income, was bad in law. The  Assessing Officer vide notice u/s 274 read with Sec.271(1)(c), should clearly specify the limb, vide which he desires to initiate the penalty proceeding, so that assessee should know the grounds which he has to meet specifically. The court relying on decision of Division Bench of Karnataka High Court rendered in case of CIT v. Manjunatha Cotton & Ginning Factory [2013] 359 ITR 565, allowed appeal of assessee.

Posted on: 28-09-2016