https://www.taxtmi.com/caselaws?id=456596 Penalty under Section 271(1)(c) requires a valid notice under Section 274 that clearly specifies whether the charge is concealment of income or furnishing inaccurate particulars, so the assessee can meet the exact allegation. A printed or vague notice that does not strike off the inapplicable limb is legally defective and can vitiate the penalty proceedings. Explanation 5A does not cure an invalid initiation where the statutory basis for penalty is not properly conveyed. The Karnataka HC found no reason to disturb the Tribunal's conclusion that the notice was defective and the penalty could not be sustained. en-us Fri, 17 Mar 2023 00:00:00 +0530 Fri, 02 Aug 2024 20:16:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456596 Penalty under Section 271(1)(c) requires a valid notice under Section 274 that clearly specifies whether the charge is concealment of income or furnishing inaccurate particulars, so the assessee can meet the exact allegation. A printed or vague notice that does not strike off the inapplicable limb is legally defective and can vitiate the penalty proceedings. Explanation 5A does not cure an invalid initiation where the statutory basis for penalty is not properly conveyed. The Karnataka HC found no reason to disturb the Tribunal's conclusion that the notice was defective and the penalty could not be sustained. Case-Laws Income Tax Fri, 17 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456596