Revenue claims Manjunatha Cotton HC-ruling contrary to earlier SC decision; SC issues notice

Nov 02,2018

Revenue raises concern before SC regarding Karnataka HC interpretation of Sec 271(1)(c) (penalty for concealment of income) in State Bank of Mysore case which relied upon Manjunatha Cotton decision; Argues it to be contrary to SC decision in K P Madhusudhanan; In Manjunatha Cotton case, Karnataka HC had laid down principles on initiation of penalty proceedings and imposition of penalty u/s 271(1)(c) and also held that ground of initiation of penalty should be clea...

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