https://www.taxtmi.com/caselaws?id=771286 ITAT Mumbai allowed the assessee's appeal against penalty proceedings under section 271(1)(c) relating to disallowance of set-off of inter-head losses. The tribunal held that the penalty notice was defective as the AO used "or/and" between both limbs of section 271(1)(c), indicating uncertainty about which specific ground the penalty was being imposed. Following the Bombay HC precedent, the tribunal ruled that such defective notice vitiates the entire penalty proceedings, resulting in the appeal being allowed. en-us Thu, 01 May 2025 00:00:00 +0530 Thu, 22 May 2025 13:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771286 ITAT Mumbai allowed the assessee's appeal against penalty proceedings under section 271(1)(c) relating to disallowance of set-off of inter-head losses. The tribunal held that the penalty notice was defective as the AO used "or/and" between both limbs of section 271(1)(c), indicating uncertainty about which specific ground the penalty was being imposed. Following the Bombay HC precedent, the tribunal ruled that such defective notice vitiates the entire penalty proceedings, resulting in the appeal being allowed. Case-Laws Income Tax Thu, 01 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771286