https://www.taxtmi.com/caselaws?id=753337 ITAT Delhi held that penalty proceedings under section 271AAB were vitiated due to defective show cause notice. The AO failed to specify the particular offence committed by the assessee and the applicable penalty rate (10%, 20%, 30%, or 60% of undisclosed income). The notice merely mentioned concealment or furnishing inaccurate particulars without addressing specific provisions of section 271AAB, using the same proforma meant for section 271(1)(c) proceedings. Following the precedent in Sushil Kumar Paul, the tribunal ruled the defective notice was fatal to penalty proceedings and decided in favor of the assessee. en-us Mon, 08 Jan 2024 00:00:00 +0530 Thu, 30 May 2024 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753337 ITAT Delhi held that penalty proceedings under section 271AAB were vitiated due to defective show cause notice. The AO failed to specify the particular offence committed by the assessee and the applicable penalty rate (10%, 20%, 30%, or 60% of undisclosed income). The notice merely mentioned concealment or furnishing inaccurate particulars without addressing specific provisions of section 271AAB, using the same proforma meant for section 271(1)(c) proceedings. Following the precedent in Sushil Kumar Paul, the tribunal ruled the defective notice was fatal to penalty proceedings and decided in favor of the assessee. Case-Laws Income Tax Mon, 08 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753337