https://www.taxtmi.com/caselaws?id=326878 The Tribunal held that the penalty imposed under Section 271(1)(c) of the Income Tax Act was invalid due to the lack of specificity in the notice issued and the absence of specific satisfaction recorded by the Assessing Officer for the assessment year in question. The penalty of Rs. 14,25,187/- was deleted, and the assessee's appeal was allowed, emphasizing the importance of procedural compliance and ensuring that the assessee is properly informed of the grounds for penalty imposition. en-us Fri, 18 Mar 2016 00:00:00 +0530 Mon, 25 Apr 2016 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326878 The Tribunal held that the penalty imposed under Section 271(1)(c) of the Income Tax Act was invalid due to the lack of specificity in the notice issued and the absence of specific satisfaction recorded by the Assessing Officer for the assessment year in question. The penalty of Rs. 14,25,187/- was deleted, and the assessee's appeal was allowed, emphasizing the importance of procedural compliance and ensuring that the assessee is properly informed of the grounds for penalty imposition. Case-Laws Income Tax Fri, 18 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326878