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ITAT held that penalty under section 271AAB was unsustainable because the show-cause notice failed to specify the particular clause of section 271AAB applicable to the assessee, thereby rendering initiation of penalty proceedings invalid. The AO did not demonstrate any application of mind as to the specific charge or manner of derivation of undisclosed income; the notice was vague and non-consultative. Given that valid initiation is a sine qua non for imposing penalty, the impugned penalty was deleted and the assessee's appeal was allowed.
ITAT held that penalty under section 271AAB was unsustainable because the show-cause notice failed to specify the particular clause of section 271AAB applicable to the assessee, thereby rendering initiation of penalty proceedings invalid. The AO did not demonstrate any application of mind as to the specific charge or manner of derivation of undisclosed income; the notice was vague and non-consultative. Given that valid initiation is a sine qua non for imposing penalty, the impugned penalty was deleted and the assessee's appeal was allowed.
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