https://www.taxtmi.com/caselaws?id=788908 Penalty under section 271(1)(c) cannot be sustained unless the Assessing Officer clearly specifies at initiation the exact limb of default, namely concealment of income or furnishing of inaccurate particulars. A show-cause notice or penalty order that invokes both limbs without striking off the inapplicable portion is vague and does not record the required statutory satisfaction. On that basis, the penalty was held invalid and quashed in favour of the assessee. en-us Fri, 27 Mar 2026 00:00:00 +0530 Tue, 31 Mar 2026 08:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788908 Penalty under section 271(1)(c) cannot be sustained unless the Assessing Officer clearly specifies at initiation the exact limb of default, namely concealment of income or furnishing of inaccurate particulars. A show-cause notice or penalty order that invokes both limbs without striking off the inapplicable portion is vague and does not record the required statutory satisfaction. On that basis, the penalty was held invalid and quashed in favour of the assessee. Case-Laws Income Tax Fri, 27 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788908