Commissioner Of Income Tax vs M/S Ssa'S Emerald Meadows on 5 August, 2016
3. The ld. Counsel for the assessee drew our attention to the decision of the Hon'ble
Karnataka High Court in the case of CIT vs. SSA's Emerald Meadows in ITA No.380 of
2015 dated 23.11.2015 wherein the Hon'ble Karnataka High Court following its own
decision in the case of CIT vs Manjunatha Cotton and Ginning factory (2013) 359 ITR 565
took a view that imposing of penalty u/s 271(1)(c) of the Act is bad in law and invalid for
the reason that the show cause notice u/s 274 of the Act does not specify the charge against
the assessee as to whether it is for concealment of particulars of income or furnishing of
inaccurate particulars of income. The ld. Counsel further brought to our notice that as
against the decision of the Hon'ble Karnataka High Court the revenue preferred an appeal
in SLP in CC No.11485 of 2016 and the Hon'ble Supreme Court by its order dated
05.08.2016 dismissed the SLP preferred by the department.