Vague Penalty Notices Without Specified Limb Are Invalid in Law: ITAT Delhi

DCIT Vs Ajay Vision Education [P] Ltd (ITAT Delhi) AO Must Choose the Limb—Failure Proves Costly as All Penalties Fall Flat Before ITAT; Mechanical 274 Notices Fatal: ITAT Delhi Throws Out Entire Penalty Proceedings Against Coaching Company- Tribunal dismissed all four Revenue appeals challenging deletion of penalties imposed u/s 271(1)(c) for AY 2016-17 & u/s 270A for AYs 2017-18, 2018-19 & 2019-20. For AY 2016-17, penalty was baxsed on unrecorded cash income of Rs. 98.59 lakh which was already offered by the Assessee in the return filed in response to notice u/s 148. The notice u/s...