https://www.taxtmi.com/caselaws?id=471305 Penalty for concealment or furnishing inaccurate particulars lacks a substantive basis where reassessment accepts, without further addition or disallowance, the income returned in response to the reassessment notice. Withdrawal of a bad-debt claim and declaration of a reduced loss in that return do not themselves create an assessment addition capable of attracting deemed concealment under Explanation 1. Penalty proceedings are also invalid where the notice retains both statutory limbs without identifying the specific charge. The notice must communicate a precise and unambiguous allegation; failure to specify whether the charge concerns concealment or inaccurate particulars vitiates the proceedings independently. en-us Mon, 23 Feb 2026 00:00:00 +0530 Fri, 28 Aug 2026 20:38:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471305 Penalty for concealment or furnishing inaccurate particulars lacks a substantive basis where reassessment accepts, without further addition or disallowance, the income returned in response to the reassessment notice. Withdrawal of a bad-debt claim and declaration of a reduced loss in that return do not themselves create an assessment addition capable of attracting deemed concealment under Explanation 1. Penalty proceedings are also invalid where the notice retains both statutory limbs without identifying the specific charge. The notice must communicate a precise and unambiguous allegation; failure to specify whether the charge concerns concealment or inaccurate particulars vitiates the proceedings independently. Case-Laws Income Tax Mon, 23 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471305