https://www.taxtmi.com/caselaws?id=425746 The Appellate Tribunal held that the penalty imposed under section 271(1)(c) of the Income-tax Act for concealing income and furnishing inaccurate particulars was not valid due to a defective notice issued under section 274 that failed to specify the particular limb of penalty. Citing precedents emphasizing the necessity of specifying penalty limbs in notices, the Tribunal found the lack of specificity in the notice indicated a lack of application of mind by the Assessing Officer. Consequently, the penalty was deemed not leviable, and the appeal by the Assessee was allowed, leading to the deletion of the penalty originally imposed and affirmed. en-us Thu, 28 Jul 2022 00:00:00 +0530 Sat, 30 Jul 2022 08:29:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425746 The Appellate Tribunal held that the penalty imposed under section 271(1)(c) of the Income-tax Act for concealing income and furnishing inaccurate particulars was not valid due to a defective notice issued under section 274 that failed to specify the particular limb of penalty. Citing precedents emphasizing the necessity of specifying penalty limbs in notices, the Tribunal found the lack of specificity in the notice indicated a lack of application of mind by the Assessing Officer. Consequently, the penalty was deemed not leviable, and the appeal by the Assessee was allowed, leading to the deletion of the penalty originally imposed and affirmed. Case-Laws Income Tax Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425746