Penalty u/s 271(1)(c) of the Income Tax Act invalidated due to inadequate notification by Assessing Officer u/s 274(1).

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....Penalty u/s. 271(1)(c) - A.O had clearly failed to discharge his statutory obligation of fairly putting the assessee to notice as regards the defaults for which he was being proceeded against, therefore, the penalty under Sec. 271(1)(c) imposed by him being in clear violation of the mandate of Sec. 274(1) of the Act cannot be sustained. - AT....