https://www.taxtmi.com/caselaws?id=770686 ITAT Mumbai allowed assessee's appeal regarding penalty u/s 271(1)(c) due to defective notice u/s 274. The tribunal held that non-striking of irrelevant limb in penalty notice violates principles of natural justice and is fatal to revenue, following Bombay HC decision in Mohammad Farhan Shaikh. However, ITAT dismissed assessee's second ground concerning penalty on voluntary disclosure post-survey, ruling that mere surrender of additional income across three years doesn't absolve penalty unless assessee proves concealment was unintentional, relying on SC decision in MAK Data Pvt. Ltd. en-us Wed, 30 Apr 2025 00:00:00 +0530 Thu, 15 May 2025 07:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770686 ITAT Mumbai allowed assessee's appeal regarding penalty u/s 271(1)(c) due to defective notice u/s 274. The tribunal held that non-striking of irrelevant limb in penalty notice violates principles of natural justice and is fatal to revenue, following Bombay HC decision in Mohammad Farhan Shaikh. However, ITAT dismissed assessee's second ground concerning penalty on voluntary disclosure post-survey, ruling that mere surrender of additional income across three years doesn't absolve penalty unless assessee proves concealment was unintentional, relying on SC decision in MAK Data Pvt. Ltd. Case-Laws Income Tax Wed, 30 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770686