Show cause notice not specifying charge against assessee is bad-in-law

PCIT Vs Industrial Safety Products Private Limited (Calcutta High Court) Calcutta High Court held that show cause notice not specifying the charge against the assessee is bad-in-law. Accordingly, initiation of the penalty proceedings is vitiated. Facts- Revenue has preferred the present writ petition contesting that ITAT has erred in holding that undisclosed income under the disclosure petition made during search and seizure proceedings as taken to books subsequently does not attract penalty in terms of Section 271AAB of the Income Tax Act, 1961. On the other hand, the assessee mainly conteste...