https://www.taxtmi.com/caselaws?id=762035 ITAT Delhi allowed the assessee's appeal against penalty under section 271(1)(c). The penalty notice under section 274 dated 24.11.2016 was defective as it failed to specify which limb of penalty was being invoked - whether for concealment of income particulars or furnishing inaccurate particulars. The tribunal held this omission rendered the notice legally unsustainable and illegal under settled law, resulting in the penalty being quashed. en-us Mon, 18 Nov 2024 00:00:00 +0530 Tue, 04 Mar 2025 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762035 ITAT Delhi allowed the assessee's appeal against penalty under section 271(1)(c). The penalty notice under section 274 dated 24.11.2016 was defective as it failed to specify which limb of penalty was being invoked - whether for concealment of income particulars or furnishing inaccurate particulars. The tribunal held this omission rendered the notice legally unsustainable and illegal under settled law, resulting in the penalty being quashed. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762035