ITAT Pune quashed Penalty u/s. 270A(9) due to failure in specifying applicable limb

Bajaj Housing Finance Limited Vs ITO (ITAT Pune) ITAT Pune held that penalty not leviable under section 270A of the Income Tax Act since show cause notice failed to specify the applicable limb u/s. 270A(9) under which the penalty was imposed. Accordingly, penalty is quashed and appeal is allowed. Facts- The assessee is a Limited Company. The case of the assessee was selected for scrutiny assessment. AO concluded the assessment proceedings making the addition for short term capital gain at Rs.43,78,250/-. Subsequently, AO initiated the penalty proceedings by issuance of notice u/s.274 r.w.s. u...