https://www.taxtmi.com/caselaws?id=470141 Penalty proceedings under section 271AAB require a statutory notice that clearly identifies the applicable charge or penalty category. Because the categories carry different consequences and rates, failure to specify the relevant clause prevents an effective response and invalidates initiation of the penalty proceedings. The disclosed amount, previously treated as unexplained investment, was directed to be assessed as income from other sources at normal rates. Consequently, the penalty under section 271AAB was deleted. en-us Wed, 25 Mar 2026 00:00:00 +0530 Thu, 16 Jul 2026 19:02:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470141 Penalty proceedings under section 271AAB require a statutory notice that clearly identifies the applicable charge or penalty category. Because the categories carry different consequences and rates, failure to specify the relevant clause prevents an effective response and invalidates initiation of the penalty proceedings. The disclosed amount, previously treated as unexplained investment, was directed to be assessed as income from other sources at normal rates. Consequently, the penalty under section 271AAB was deleted. Case-Laws Income Tax Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470141