Held by Karnatka High Court in Manjunatha Cotton & Ginning Factory (13.12.12) 35 TMC 250 -Imposition of penalty even if tax liability is admitted is not automatic -explanation though offered but not substantiated is found to be bonafide and all facts material to computation of income have been disclosed,no penalty to be imposed -notice u/s 274 should specifically state the grounds whether concealment or furnishing inaccurable particulars -Sending printed forms setting all grounds of section 271 would not satisfy requirement of law -Finding in assessment proceeding would not operate as resjudicata in penalty proceedings