https://www.taxtmi.com/caselaws?id=752380 ITAT Bangalore held that penalty u/s 271(1)(c) was invalid due to defective notice u/s 274. The Assessing Officer failed to strike out irrelevant portions and did not specify whether penalty was for concealment of income or furnishing inaccurate particulars. Following precedent, the tribunal ruled the show cause notice was fundamentally defective as it failed to specify grounds for penalty imposition. Section 292B cannot cure such jurisdictional defects involving non-application of mind. Penalty cancelled in favour of assessee. en-us Wed, 17 Jan 2024 00:00:00 +0530 Wed, 08 May 2024 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752380 ITAT Bangalore held that penalty u/s 271(1)(c) was invalid due to defective notice u/s 274. The Assessing Officer failed to strike out irrelevant portions and did not specify whether penalty was for concealment of income or furnishing inaccurate particulars. Following precedent, the tribunal ruled the show cause notice was fundamentally defective as it failed to specify grounds for penalty imposition. Section 292B cannot cure such jurisdictional defects involving non-application of mind. Penalty cancelled in favour of assessee. Case-Laws Income Tax Wed, 17 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752380