Penalty u/s. 271(1)(c) set aside as notice failed to specify specific charge or limb

Smt. Dayawanti Vs DCIT (ITAT Delhi) ITAT Delhi held that notice under section 274 r.w.s. 271(1)(c) of the Income Tax Act issued without specifying the specific charge or limb i.e. without striking off the irrelevant limb is erroneous. Accordingly, penalty order u/s. 271(1)(c) cannot be sustained. Facts- The assessment order came to be passed against the Assessee by making addition on account of trading results of Rs. 22,36,679/- and on account of unexplained credit of Rs. 4,52,488/-. A penalty proceeding has been initiated u/s 271(1)(c) of the Act and order of penalty came to be passed on 31/0...