https://www.taxtmi.com/caselaws?id=465808 Penalty under s 271(1)(c) was examined on whether the notice under s 274 and the penalty order specified the precise charge, i.e., "concealment of income" or "furnishing inaccurate particulars." The Tribunal held that the AO failed to strike and specify the applicable limb in the show-cause notice and also did not record a clear finding in the penalty order, rendering the initiation and levy legally defective for want of a definite charge. Consequently, the penalty could not be sustained on merits and was quashed; the assessee's appeal was allowed. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 09 Jan 2026 19:03:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465808 Penalty under s 271(1)(c) was examined on whether the notice under s 274 and the penalty order specified the precise charge, i.e., "concealment of income" or "furnishing inaccurate particulars." The Tribunal held that the AO failed to strike and specify the applicable limb in the show-cause notice and also did not record a clear finding in the penalty order, rendering the initiation and levy legally defective for want of a definite charge. Consequently, the penalty could not be sustained on merits and was quashed; the assessee's appeal was allowed. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465808