https://www.taxtmi.com/caselaws?id=383286 The Tribunal allowed the assessee's appeal against the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to a defective notice issued under Section 274. The penalty of Rs. 9,24,927/- was canceled, emphasizing that a vague notice attributing to non-application of mind by the AO invalidates penalty proceedings. The decision aligned with the ruling in a similar case by the Hon'ble Karnataka High Court and the dismissal of the Revenue's Special Leave Petition by the Hon'ble Supreme Court, highlighting that a defective notice cannot sustain a penalty. en-us Wed, 17 Jul 2019 00:00:00 +0530 Sat, 20 Jul 2019 09:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383286 The Tribunal allowed the assessee's appeal against the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to a defective notice issued under Section 274. The penalty of Rs. 9,24,927/- was canceled, emphasizing that a vague notice attributing to non-application of mind by the AO invalidates penalty proceedings. The decision aligned with the ruling in a similar case by the Hon'ble Karnataka High Court and the dismissal of the Revenue's Special Leave Petition by the Hon'ble Supreme Court, highlighting that a defective notice cannot sustain a penalty. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383286