2026 (9) TMI 1961

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....hny/2026:- (Assessment Year: 2015-16) 2. Ld. AR, Mr. Abishek Murali, C.A., placed on record the notice dated 03.01.2020 at page No. 1 of the paperbook and submits that the said notice issued under Section 274 read with Section 271(1)(C) of the Income Tax Act, 1961 (for short, the Act) is defective as the AO failed to strike down the relevant charge on which penalty proceedings are being initiated. Ld. AR further submits that the said issue is covered by the decision of the Hon'ble High Court of Madras in the case of Babuji Jacob v. ITO [2021] 124 taxmann.com 363 (Madras), wherein the Hon'ble High Court was pleased to cancel the penalty by holding the very initiation of penalty proceedings to be defective and invalid. Further, he refer....

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....ted 30-3-2016 in the printed form without specifically mentioning whether the proceedings are initiated on the ground of concealment of income or on account of furnishing of inaccurate particulars is valid and legal ? ii. Whether the proceedings initiated by the respondent/the Assessing Officer is legal and valid? ili. Whether the Appellate Tribunal is justified otherwise in rejecting the said technical ground of wrong initiation of the penalty proceedings under section 271(1)(c) of the Act in misreading the show cause notice dated 30-3-2016 proving perversity in the findings of facts at para 6.5 of the impugned order?" 5. We find the Hon'ble High Court was pleased to hold that a show cause notice was issued to the asse....