https://www.taxtmi.com/caselaws?id=802401 Penalty for furnishing inaccurate particulars of income is invalid where satisfaction for that ground is recorded during assessment but the penalty notices specify concealment of income. Section 271(1)(c) of the Income-tax Act, 1961 distinguishes the two grounds, and penalty proceedings must correspond to the satisfaction recorded during assessment. Repeatedly specifying concealment in the notices is not a mere clerical defect curable under section 292B. Natural justice requires a penalty to be imposed only on a charge the taxpayer was called upon to answer. en-us Thu, 15 Oct 2026 00:00:00 +0530 Thu, 05 Nov 2026 07:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=802401 Penalty for furnishing inaccurate particulars of income is invalid where satisfaction for that ground is recorded during assessment but the penalty notices specify concealment of income. Section 271(1)(c) of the Income-tax Act, 1961 distinguishes the two grounds, and penalty proceedings must correspond to the satisfaction recorded during assessment. Repeatedly specifying concealment in the notices is not a mere clerical defect curable under section 292B. Natural justice requires a penalty to be imposed only on a charge the taxpayer was called upon to answer. Case-Laws Income Tax Thu, 15 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=802401