High Court Rules Defective Notice Invalid u/s 271(1)(c); Assessee's Explanation Sufficient to Avoid Penalty.

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....Penalty u/s 271(1)(c) - defective notice - the phraseology, which was adopted by the assessee, if read as a whole, would clearly show that he had objected to the issuance of the notice and as there was no basis for issuance of the notice under Section 271(1)(c) of the Act, both limbs in the said provision do not get attracted. - the burden cast upon the assessee to offer an explanation stands fulfilled. - HC....