ITAT Deletes 271AAB Penalty for absence of Specific Charge in notice

Rahul Jain Vs DCIT (ITAT Chandigarh) No Specific Charge, No Penalty- Defective Notice Dooms Revenue: ITAT Chandigarh Deletes 271AAB Penalty Pursuant to search action on assessee on 29-09-2015, Assessee made surrender of cash &  bullion. Assessee filed return of income declaring income of Rs.326.90 Lacs which was accepted by  AO. However, AO initiated penalty u/s 271AAB on the allegation that Assessee failed to substantiate the manner in which the undisclosed income was derived. During the course of penalty proceedings, a SCN  was issued to Assessee proposing levy of penalty. Though Asse...