https://www.taxtmi.com/caselaws?id=470141 A penalty under section 271AAB requires the statutory notice to specify the applicable charge or penalty category. Because the categories carry distinct consequences and rates, failure to identify the relevant clause denies the assessee an effective opportunity to respond and invalidates penalty initiation. The related assessment had also recharacterised the disclosed amount from unexplained investment to income from other sources taxable at normal rates. The article states that the section 271AAB penalty was consequently 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 A penalty under section 271AAB requires the statutory notice to specify the applicable charge or penalty category. Because the categories carry distinct consequences and rates, failure to identify the relevant clause denies the assessee an effective opportunity to respond and invalidates penalty initiation. The related assessment had also recharacterised the disclosed amount from unexplained investment to income from other sources taxable at normal rates. The article states that the section 271AAB penalty was consequently deleted. Case-Laws Income Tax Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470141