S. 271(1)(c) Penalty notice is defective if not specifies a particular charge

RBM Pati Joint Venture Vs DDIT (ITAT Delhi)

An insight over the penalty order, we find that the penalty was initiated on account of loss claimed by the appellant on sale of assets, even though, that particular block of assets had not been exhausted. We do not find any justification to discard the findings reached by the ld. CIT(A) that the assessee had duly disclosed the loss on sale of assets at Rs. 61,21,337/-, being part of administrative expenses and this amount was duly appearing in the schedules forming part of profit and loss account for the year

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