Notice u/s 274 should specify Grounds of Imposition of Penalty

Brief of the Case In the case Shri B L Dasraj Urs Vs. ITO the Hon’ble Bangalore ITAT held that show cause notice u/s 274 is defective if it does not spell out the grounds on which penalty is sought to be imposed. Facts of the Case The assessee is an individual engaged in the business of manufacturing of office stationery products. A Survey was conducted u/s.133A of the Act in the business premises of the Assessee on 25.1.2008. In the course of survey certain bank accounts in the name of the Assessee were found. The transaction entries in this bank accounts were not recorded in the books of ...