https://www.taxtmi.com/caselaws?id=447080 The ITAT Delhi allowed the assessee's appeal against penalty under Section 271(1)(c) for undisclosed unsold inventory. Following the Bombay HC Full Bench decision in Mohd. Farhan A. Shaikh v. ACIT, the tribunal held that the penalty notice was defective as it failed to specify which limb of Section 271(1)(c) applied - whether for concealment of income particulars or furnishing inaccurate particulars. The omnibus notice without striking off irrelevant portions was deemed vague and bad in law, violating the requirement to clearly inform the assessee of specific charges. en-us Thu, 14 Dec 2023 00:00:00 +0530 Sat, 16 Dec 2023 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447080 The ITAT Delhi allowed the assessee's appeal against penalty under Section 271(1)(c) for undisclosed unsold inventory. Following the Bombay HC Full Bench decision in Mohd. Farhan A. Shaikh v. ACIT, the tribunal held that the penalty notice was defective as it failed to specify which limb of Section 271(1)(c) applied - whether for concealment of income particulars or furnishing inaccurate particulars. The omnibus notice without striking off irrelevant portions was deemed vague and bad in law, violating the requirement to clearly inform the assessee of specific charges. Case-Laws Income Tax Thu, 14 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447080