https://www.taxtmi.com/caselaws?id=753054 The ITAT Mumbai dismissed the assessee's challenge to penalty proceedings under section 271(1)(c) regarding defective notice. The court held that non-specification of clear charges in the notice did not prejudice the assessee, who was fully aware of penalty reasons and participated in hearings without objecting to notice defects. However, the ITAT ruled in favor of the assessee on penalty imposition for estimated income on bogus purchases, holding that when additions are sustained based on estimates rather than actual concealment, penalty under section 271(1)(c) is not sustainable, following established precedent. en-us Tue, 21 May 2024 00:00:00 +0530 Thu, 23 May 2024 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753054 The ITAT Mumbai dismissed the assessee's challenge to penalty proceedings under section 271(1)(c) regarding defective notice. The court held that non-specification of clear charges in the notice did not prejudice the assessee, who was fully aware of penalty reasons and participated in hearings without objecting to notice defects. However, the ITAT ruled in favor of the assessee on penalty imposition for estimated income on bogus purchases, holding that when additions are sustained based on estimates rather than actual concealment, penalty under section 271(1)(c) is not sustainable, following established precedent. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753054