Section 271AAB penalty not valid if AO not mention specific default of assessee

Mahaveer Prasad Agarwal Vs DCIT (ITAT Jaipur) Introduction: The Mahaveer Prasad Agarwal vs. DCIT case at ITAT Jaipur brings forth essential insights into the discretionary nature of penalties under sections 271AAB and 271 of the Income Tax Act. This article delves into the intricacies of the case, shedding light on the implications for taxpayers. Detailed Analysis: The case revolves around the discretionary imposition of penalties under sections 271AAB and 271 of the Income Tax Act. A crucial aspect is the absence of specificity in the show cause notice, raising questions about the validity of...