https://www.taxtmi.com/caselaws?id=399163 The ITAT dismissed the Revenue's Miscellaneous Petition, affirming its earlier decision that invalidated the penalty order due to a defective notice under section 274 r.w.s. 271 of the Income Tax Act, 1961. The Tribunal held that the notice failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars, violating principles of natural justice. The Tribunal emphasized adherence to the jurisdictional HC's judgment in Manjunath Cotton and Ginning Factory, which mandates clarity in penalty notices. The Tribunal concluded that the penalty proceedings are distinct from assessment proceedings, requiring specific grounds in the penalty notice for the assessee's appropriate response. en-us Wed, 30 Sep 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399163 The ITAT dismissed the Revenue's Miscellaneous Petition, affirming its earlier decision that invalidated the penalty order due to a defective notice under section 274 r.w.s. 271 of the Income Tax Act, 1961. The Tribunal held that the notice failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars, violating principles of natural justice. The Tribunal emphasized adherence to the jurisdictional HC's judgment in Manjunath Cotton and Ginning Factory, which mandates clarity in penalty notices. The Tribunal concluded that the penalty proceedings are distinct from assessment proceedings, requiring specific grounds in the penalty notice for the assessee's appropriate response. Case-Laws Income Tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399163