https://www.taxtmi.com/caselaws?id=446092 ITAT Bangalore held that penalty u/s 271(1)(c) was unsustainable due to defective notice u/s 274. The AO initiated proceedings for furnishing inaccurate particulars of income but levied penalty for concealment of income without specifying the clear charge. The tribunal ruled that AO must specify the exact limb under which penalty is levied and provide fair opportunity to the assessee to respond. Since the charge was unclear and proper procedure not followed, penalty was deleted in favor of the assessee. en-us Wed, 30 Aug 2023 00:00:00 +0530 Fri, 24 Nov 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446092 ITAT Bangalore held that penalty u/s 271(1)(c) was unsustainable due to defective notice u/s 274. The AO initiated proceedings for furnishing inaccurate particulars of income but levied penalty for concealment of income without specifying the clear charge. The tribunal ruled that AO must specify the exact limb under which penalty is levied and provide fair opportunity to the assessee to respond. Since the charge was unclear and proper procedure not followed, penalty was deleted in favor of the assessee. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446092