Assessing Officer issued penalty notice wherein he had not spelt out what was fault for which assessee was being proceeded against for levy of penalty and also had not struck down irrelevant portion/fault which was not applicable in facts and circumstances of case. Allowing the appeal of the assessee the Tribunal held that notice proposing penalty should clearly spell out fault/charge for which assessee was put on notice, so that he could defend charge properly, since impugned penalty notice was vague, penalty order was also bad in eyes of law.  Tribunal also held that assessee’s explanation that accountant of assessee suddenly left office/service without properly handing over books causing delay in completing audit report is reasonable and, thus, no penalty could be levied. (AY. 2015-16)