https://www.taxtmi.com/caselaws?id=764028 The ITAT Delhi ruled in favor of the assessee regarding penalty proceedings under section 271AAB. The tribunal found that the AO's penalty notice was defective as it failed to specify which limb of section 271AAB was being invoked. Following the precedent in R. Elangovan, the tribunal held that the AO must clearly indicate the specific clause under which penalty proceedings are initiated to enable the assessee to provide an effective defense. The vague notice denied the assessee reasonable opportunity to respond, making the penalty proceedings invalid. en-us Mon, 30 Dec 2024 00:00:00 +0530 Wed, 01 Jan 2025 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764028 The ITAT Delhi ruled in favor of the assessee regarding penalty proceedings under section 271AAB. The tribunal found that the AO's penalty notice was defective as it failed to specify which limb of section 271AAB was being invoked. Following the precedent in R. Elangovan, the tribunal held that the AO must clearly indicate the specific clause under which penalty proceedings are initiated to enable the assessee to provide an effective defense. The vague notice denied the assessee reasonable opportunity to respond, making the penalty proceedings invalid. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764028