ITAT Pune Deletes Section 271(1)(c) Penalty Against Assessee Over Defective Notice

Vikas Jayram Bhukan Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune has allowed an appeal filed by Vikas Jayram Bhukan, quashing a penalty of Rs. 13,44,580 imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 2012-13. The Tribunal’s decision was primarily based on the finding that the penalty notice issued to the assessee was defective as it failed to specify the precise charge for which the penalty was being levied. Background of the Case Vikas Jayram Bhukan, an individual engaged in land trading and real estate, filed his income tax retu...