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2022 (3) TMI 1492 - AT - Income TaxPenalty issued u/s 271AAB r.w.s. 274 - As argued AO has failed to specifically point out the clause on which the penalty was proposed to be levied - HELD THAT:- As perused the decision cited before us in the case of PCIT vs. Shri R. Elangovan [2021 (4) TMI 1131 - MADRAS HIGH COURT] and find that under similar facts the Hon’ble court has quashed the penalty order on the ground that it is based upon invalid penalty notice issued u/s 271AAB of the Act. As in the case of PCIT vs. Shri R. Elangovan [2021 (4) TMI 1131 - MADRAS HIGH COURT] hold that the penalty order passed by the Assessing Officer is invalid and is accordingly quashed. The appeals of the assessee are allowed on legal issue.
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