https://www.taxtmi.com/caselaws?id=443689 The Tribunal upheld the penalty under Section 271(1)(c) in a tax case where the validity of the notice under Section 274 of the Income-tax Act, 1961 was challenged. The Tribunal ruled that a defect in the notice did not invalidate the proceedings, emphasizing that the notice was not jurisdictional but procedural. The assessee's argument regarding the legitimacy of the penalty based on estimated income was also rejected, as the assessee failed to provide a satisfactory explanation for the discrepancies in reported income. The appeal was dismissed, and the penalty was upheld on September 25, 2023. en-us Mon, 25 Sep 2023 00:00:00 +0530 Fri, 29 Sep 2023 07:42:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443689 The Tribunal upheld the penalty under Section 271(1)(c) in a tax case where the validity of the notice under Section 274 of the Income-tax Act, 1961 was challenged. The Tribunal ruled that a defect in the notice did not invalidate the proceedings, emphasizing that the notice was not jurisdictional but procedural. The assessee's argument regarding the legitimacy of the penalty based on estimated income was also rejected, as the assessee failed to provide a satisfactory explanation for the discrepancies in reported income. The appeal was dismissed, and the penalty was upheld on September 25, 2023. Case-Laws Income Tax Mon, 25 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443689