https://www.taxtmi.com/highlights?id=78744 The Appellate Tribunal examined the validity of penalty proceedings u/s 270A due to the failure to specify relevant clauses. It was held that the penalty proceedings were flawed as the initiating notice did not pinpoint the specific clauses of sub-section 9, resulting in underreporting of income. The Tribunal rejected the Revenue's arguments, citing legal precedents that supported the Tribunal's jurisdiction to address pure legal questions in such proceedings. Accordingly, the penalty was deemed invalid and deleted based on the AO's failure to identify the specific default on the assessee's part as required by the law. en-us Sat, 22 Jun 2024 08:37:05 +0530 Sat, 22 Jun 2024 08:37:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78744 The Appellate Tribunal examined the validity of penalty proceedings u/s 270A due to the failure to specify relevant clauses. It was held that the penalty proceedings were flawed as the initiating notice did not pinpoint the specific clauses of sub-section 9, resulting in underreporting of income. The Tribunal rejected the Revenue's arguments, citing legal precedents that supported the Tribunal's jurisdiction to address pure legal questions in such proceedings. Accordingly, the penalty was deemed invalid and deleted based on the AO's failure to identify the specific default on the assessee's part as required by the law. Highlights Income Tax Sat, 22 Jun 2024 08:37:05 +0530 https://www.taxtmi.com/highlights?id=78744