Non striking off of irrelevant limb in penalty notice is a substantive defect

Bengal Bonded Warehouse Ltd. Vs ACIT (ITAT Kolkata) We have heard the rival contentions and perused the material on record including the impugned notice u/s 274 read with Section 271(1)(c ) dated 31.3.2015. We observe that the notice u/s 274 read with Section 271(1)(c ) dated 31.3.2015 was issued in a mechanical manner and in standard format without mentioning one of the two limbs on which the penalty was proposed to be levied. The AO finally imposed penalty u/s 271(1)(c ) of the Act of Rs. 4,04,350/- being 100% of the tax sought to be evaded by the assessee for furnishing of inaccurate partic...