AO had issued notice section 271(1)(c) read with section 274 of the Act for concealment of income or furnishing inaccurate particulars of income without specifying specific limb of section 271(1)(c) of the Act. CIT(A) confirmed the penalty levied.

On Assessees appeal, Tribunal held that penalty notice issued was bad in law as it did not specify which limb i.e. whether for concealment of particulars of income or furnishing of inaccurate particulars, which was not sustainable in the eyes of law. The Tribunal after placing reliance on the decision in its own case and various other judicial pronouncements deleted the penalty levied by AO.   (AY. 2005-06, 2006-07,2008-09 to 2010-11)