https://www.taxtmi.com/caselaws?id=188967 The Tribunal held that the show cause notice under Section 274 was defective as it did not specify the grounds for imposing the penalty. Relying on a previous High Court decision, the Tribunal invalidated the penalty orders and canceled the penalties imposed on the Assessee. It was emphasized that Section 292B could not rectify the fundamental defect in jurisdiction assumption. Therefore, the Assessee's appeals were successful, and the penalty orders were revoked. en-us Wed, 03 Feb 2016 00:00:00 +0530 Thu, 22 Dec 2016 10:41:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188967 The Tribunal held that the show cause notice under Section 274 was defective as it did not specify the grounds for imposing the penalty. Relying on a previous High Court decision, the Tribunal invalidated the penalty orders and canceled the penalties imposed on the Assessee. It was emphasized that Section 292B could not rectify the fundamental defect in jurisdiction assumption. Therefore, the Assessee's appeals were successful, and the penalty orders were revoked. Case-Laws Income Tax Wed, 03 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188967