Initiation of penalty proceedings u/s. 271AAB(1A) without specifying default of assessee unsustainable

Advertisement JCIT Vs Vijay Kumar Saini Sanwar Kekri (ITAT Jaipur) ITAT Jaipur held that initiation of penalty proceedings u/s. 271AAB(1A) of the Income Tax Act without specifying the ground and default on the part of the assessee and also without specifying the undisclosed income on which penalty was proposed to be levied is unsustainable-in-law. Facts- A search and seizure action u/s. 132 of the IT Act, 1961 was carried out at the premises of assessee in connection with search and seizure action in Saini-Gupta- Malpani-Somani Group of Ajmer on 02.2020. During the year under consideration,...