https://www.taxtmi.com/caselaws?id=754264 The Tribunal directed the Ld. AO to re-compute the assessee's income from the IMFL business at 5% of the purchase price of stock, net of deductions. The addition of unexplained investment under section 69 was upheld by the Ld. CIT(A). However, the Tribunal found the penalty notice under section 271(1)(c) invalid due to the absence of a specific charge, rendering the penalty order void ab initio. en-us Tue, 28 May 2024 00:00:00 +0530 Thu, 20 Jun 2024 08:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754264 The Tribunal directed the Ld. AO to re-compute the assessee's income from the IMFL business at 5% of the purchase price of stock, net of deductions. The addition of unexplained investment under section 69 was upheld by the Ld. CIT(A). However, the Tribunal found the penalty notice under section 271(1)(c) invalid due to the absence of a specific charge, rendering the penalty order void ab initio. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754264