https://www.taxtmi.com/caselaws?id=428854 ITAT Jaipur allowed the assessee's appeal against penalty levied under section 271AAB. The tribunal held that the show-cause notice issued under section 274 read with section 271AAB was invalid as the Assessing Officer failed to specify which particular clause (a), (b) or (c) of section 271AAB applied to the case. The notice merely mentioned "deliberately concealed the true income" without identifying the specific default. Since the AO did not mention the precise charge, the penalty levy was declared void ab initio for lack of valid notice. en-us Thu, 02 Jun 2022 00:00:00 +0530 Fri, 10 Jan 2025 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428854 ITAT Jaipur allowed the assessee's appeal against penalty levied under section 271AAB. The tribunal held that the show-cause notice issued under section 274 read with section 271AAB was invalid as the Assessing Officer failed to specify which particular clause (a), (b) or (c) of section 271AAB applied to the case. The notice merely mentioned "deliberately concealed the true income" without identifying the specific default. Since the AO did not mention the precise charge, the penalty levy was declared void ab initio for lack of valid notice. Case-Laws Income Tax Thu, 02 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428854