https://www.taxtmi.com/caselaws?id=459359 ITAT Amritsar held that penalty under section 271(1)(c) was invalid due to defective notice under section 274. The Assessing Officer issued a stereotyped notice without specifying whether the assessee concealed income particulars or furnished inaccurate particulars, failing to provide adequate opportunity for explanation. Following precedents from Karnataka HC and SC, the tribunal found the notice legally insufficient and deleted the penalty imposed by AO and upheld by CIT(A), deciding in favor of the assessee. en-us Fri, 21 Jun 2019 00:00:00 +0530 Tue, 10 Dec 2024 19:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459359 ITAT Amritsar held that penalty under section 271(1)(c) was invalid due to defective notice under section 274. The Assessing Officer issued a stereotyped notice without specifying whether the assessee concealed income particulars or furnished inaccurate particulars, failing to provide adequate opportunity for explanation. Following precedents from Karnataka HC and SC, the tribunal found the notice legally insufficient and deleted the penalty imposed by AO and upheld by CIT(A), deciding in favor of the assessee. Case-Laws Income Tax Fri, 21 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459359