https://www.taxtmi.com/caselaws?id=766430 The ITAT Ranchi set aside penalty orders u/s 271(1)(c) due to defective notices u/s 274. The assessee had disclosed undisclosed income during statement recording u/s 132(4) and paid taxes while filing returns pursuant to notice u/s 153A. Following precedent from Raj Kumar Agrawal case, the Bench found that penalty notices failed to strike off inapplicable words, rendering the penalty levy vitiated and bad in law. The decision favored the assessee, cancelling all contested penalty orders. en-us Thu, 20 Feb 2025 00:00:00 +0530 Tue, 25 Feb 2025 08:24:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766430 The ITAT Ranchi set aside penalty orders u/s 271(1)(c) due to defective notices u/s 274. The assessee had disclosed undisclosed income during statement recording u/s 132(4) and paid taxes while filing returns pursuant to notice u/s 153A. Following precedent from Raj Kumar Agrawal case, the Bench found that penalty notices failed to strike off inapplicable words, rendering the penalty levy vitiated and bad in law. The decision favored the assessee, cancelling all contested penalty orders. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766430