https://www.taxtmi.com/caselaws?id=765542 Penalty under section 271(1)(c) cannot be sustained unless the notice under section 274 clearly specifies the exact limb of default, namely concealment of income or furnishing of inaccurate particulars. Where the notice fails to strike off the irrelevant portion and does not disclose a definite charge, the assessee is not put to proper notice of the allegation. On that basis, the penalty initiation and the resulting penalty order are treated as unsustainable in law, and the penalty stands quashed in favour of the assessee. en-us Fri, 31 Jan 2025 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765542 Penalty under section 271(1)(c) cannot be sustained unless the notice under section 274 clearly specifies the exact limb of default, namely concealment of income or furnishing of inaccurate particulars. Where the notice fails to strike off the irrelevant portion and does not disclose a definite charge, the assessee is not put to proper notice of the allegation. On that basis, the penalty initiation and the resulting penalty order are treated as unsustainable in law, and the penalty stands quashed in favour of the assessee. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765542