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of <h1>Tax Tribunal Overturns Penalty Due to Defective Notice in 2014-15 Case.</h1> <h3>Chandeep Singh Bhatia Versus Assessing Officer, National Faceless Assessment Centre, Delhi</h3> The appellate tribunal ITAT Delhi ruled in favor of the assessee for the assessment year 2014-15, overturning a penalty imposed under section 271(1)(c) of ... Penalty u/s 271(1)(c) - Defective notice u/s 274 - No specific limb as to whether it is an instance of concealment or that of furnishing of inaccurate particulars thereof - HELD THAT:- This being the clinching fact emerging from the case file, the hon’ble jurisdictional high court in PCIT & Ors. V. M/s Sahara India Life Insurance Co. Ltd. [2019 (8) TMI 409 - DELHI HIGH COURT] has already settled the issue in taxpayer’s favour and against the department that such failure indeed vitiates the entire penalty proceedings. Accordingly, accept the assessee’s sole substantive grievance in very terms. Assessee appeal allowed. The appellate tribunal ITAT Delhi allowed the assessee's appeal for AY 2014-15 against a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. The tribunal found that the penalty notice did not specify whether it was for concealment or furnishing inaccurate particulars, following a precedent set by the high court in PCIT v. M/s Sahara India Life Insurance Co. Ltd. The appeal was allowed, and the order was pronounced on 26.11.2024.
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