https://www.taxtmi.com/caselaws?id=449002 ITAT Delhi held that penalty proceedings u/s 271(1)(c) were invalid due to defective notice. The AO failed to strike off irrelevant portions and did not specify whether penalty was for concealment of income or furnishing inaccurate particulars. The notice was issued mechanically without clear specification of charges. Following precedent, the tribunal ruled that omnibus notices suffer from vagueness and assessee must be informed of specific grounds through statutory notice. Penalty proceedings were quashed in favour of assessee. en-us Wed, 31 Jan 2024 00:00:00 +0530 Sat, 03 Feb 2024 08:25:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449002 ITAT Delhi held that penalty proceedings u/s 271(1)(c) were invalid due to defective notice. The AO failed to strike off irrelevant portions and did not specify whether penalty was for concealment of income or furnishing inaccurate particulars. The notice was issued mechanically without clear specification of charges. Following precedent, the tribunal ruled that omnibus notices suffer from vagueness and assessee must be informed of specific grounds through statutory notice. Penalty proceedings were quashed in favour of assessee. Case-Laws Income Tax Wed, 31 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449002