https://www.taxtmi.com/caselaws?id=466470 Assessee contested penalty under section 271(1)(c) claiming protection of section 271AAA(3); tribunal held section 271AAA applies only to undisclosed income of a 'specified previous year' and was therefore inapplicable to the relevant previous year, so that provision did not preclude penalty assessment. Separately, the penalty notice issued under section 274 was an omnibus show cause notice that failed to strike out inapplicable limbs and did not inform the assessee which limb of section 271(1)(c) was invoked; on that procedural defect and reliance on precedent, the tribunal deleted the penalty. en-us Thu, 27 Feb 2025 00:00:00 +0530 Mon, 09 Feb 2026 21:21:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466470 Assessee contested penalty under section 271(1)(c) claiming protection of section 271AAA(3); tribunal held section 271AAA applies only to undisclosed income of a 'specified previous year' and was therefore inapplicable to the relevant previous year, so that provision did not preclude penalty assessment. Separately, the penalty notice issued under section 274 was an omnibus show cause notice that failed to strike out inapplicable limbs and did not inform the assessee which limb of section 271(1)(c) was invoked; on that procedural defect and reliance on precedent, the tribunal deleted the penalty. Case-Laws Income Tax Thu, 27 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466470