https://www.taxtmi.com/caselaws?id=768213 ITAT Raipur quashed penalty u/s 271(1)(c) imposed on assessee for alleged concealment of income regarding unaccounted money claimed as exempt LTCG u/s 10(38). The Tribunal held that AO failed to specify the exact default in show cause notices, leaving assessee uncertain about charges and depriving opportunity for proper explanation. This violated statutory obligation under Sec. 274(1) requiring clear notice of default. CIT(A)'s order upholding penalty was set aside and assessee's appeal was allowed. en-us Fri, 30 Aug 2024 00:00:00 +0530 Tue, 01 Apr 2025 17:50:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768213 ITAT Raipur quashed penalty u/s 271(1)(c) imposed on assessee for alleged concealment of income regarding unaccounted money claimed as exempt LTCG u/s 10(38). The Tribunal held that AO failed to specify the exact default in show cause notices, leaving assessee uncertain about charges and depriving opportunity for proper explanation. This violated statutory obligation under Sec. 274(1) requiring clear notice of default. CIT(A)'s order upholding penalty was set aside and assessee's appeal was allowed. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768213