https://www.taxtmi.com/caselaws?id=461237 ITAT Raipur set aside penalty u/s 271(1)(c) imposed by AO due to defective notice u/s 274. AO initiated penalty proceedings for concealment of income but levied penalty for furnishing inaccurate particulars without proper notice. The tribunal held that AO failed to discharge statutory obligation of fairly putting assessee to notice regarding specific default being proceeded against. The penalty order violated mandate of Section 274(1) and could not be sustained. CIT(A)'s order upholding penalty was also set aside. Decision favored assessee. en-us Wed, 20 Mar 2024 00:00:00 +0530 Sun, 23 Mar 2025 14:10:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461237 ITAT Raipur set aside penalty u/s 271(1)(c) imposed by AO due to defective notice u/s 274. AO initiated penalty proceedings for concealment of income but levied penalty for furnishing inaccurate particulars without proper notice. The tribunal held that AO failed to discharge statutory obligation of fairly putting assessee to notice regarding specific default being proceeded against. The penalty order violated mandate of Section 274(1) and could not be sustained. CIT(A)'s order upholding penalty was also set aside. Decision favored assessee. Case-Laws Income Tax Wed, 20 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461237