Section 271AAB penalty notice defective if it not specify the default

Rashmi Jalan Vs ACIT (ITAT Kolkata)

Penalty notice issued under section 274 read with section 271AAB  is bad in law as the showcause notice issued by the Assessing Officer does not specify the charge/s against the assessee for levy of penalty, as required by law. Thus, on this ground, the penalty is quashed.

Even otherwise, Section 271AAB of the Act, contemplates imposition of a penalty pursuant to the disclosure of income in statement recorded u/s 132(4) of the Act by the assessee. It is

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