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2022 (1) TMI 284 - AT - Income TaxPenalty u/s 271AAB - Defective notice u/s 274 - whether the impugned penalty proceedings could be held as rightly initiated since not specifying the corresponding statutory limb? - HELD THAT:- As decided in SHRI ASHOK BHATIA [2020 (2) TMI 261 - ITAT INDORE] the matter written in the body of the notice issued u/s 274 of the Act does not refer to the charges of provision of Section 271AAB of the Act makes the alleged notice defective and invalid and thus deserves to be quashed. Since the penalty proceedings itself has been quashed the impugned penalty stands deleted. - Decided in favour of assessee.
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