Penalty notice become defective if it does not disclose specific charge

ACIT Vs Amit Tiwari (ITAT Indore) The submissions of the assessee are that penalty proceedings u/s 271AAB as initiated is bad in law on account of firstly penalty notice so issued is defective as it does not disclose specific charge and secondly there is no concealed income as search took place prior to due date of filing of income-tax return. It is also contented that even otherwise the issue is squarely covered in favour of the assessee by the decisions of the Co-ordinate Benches of this Tribunal. A conjoint reading of both these sections would suggest that where a search has been initiated ...