The Hon’ble Bench allowed the Appeal of Revenue following judgement of Hon’ble Allahabad High Court in the case of Sandeep Chandak. In the instant case the Assessing Officer while issuing Notice u/s 274 of the Act did not specify the limb of Section 271(1)(c) whether the Penalty has been initiated for concealment of income or furnishing of inaccurate of particulars of income. The Respondent relied on various judgements of Hon’ble Supreme Court in the case of Price Waterhouse Coopers Pvt Ltd and SSA Emrald Meadows 73 Taxmann 248 (S.C) which have been followed by various Hon’ble High Courts and Benches of Tribunal. The Hon’ble Bench did not consider the binding precedents and allowed the Appeal of the Revenue.