ITAT Ahmedabad confirms validity of Section 263 revision for wrong penalty notice

Vikas Vijay Gupta Vs PCIT (ITAT Ahmedabad) Procedural error in penalty proceedings can be rectified- ITAT Ahmedabad confirms validity of revision u/s 263 for wrong penalty notice PCIT  in 263 order  held that though the AO in the body of the reassessment order concluded the unexplained amount of Rs.66,63,250/= is required to be taxed u/s.69A in line with section 115BBE   & also initiated penalty proceeding u/s.271AAC[1]   but erroneously issued penalty notice u/s.271[1][c], which is erroneous & prejudicial to the interest of the Revenue & thereby set aside the notice issued...