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2016 (4) TMI 950 - ITAT PUNEPenalty u/s.271(1)(c) - Held that:- Since it is not clear from the notice u/s.274 the reasons for levying of penalty as to whether it is for concealment of income or for furnishing of inaccurate particulars of income, therefore, the notice itself is bad in law and invalid. Therefore, the penalty order passed subsequently on the basis of such invalid notice also has to be held as bad in law. We accordingly cancel the penalty levied by the AO. - Decided in favour of assessee
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