https://www.taxtmi.com/caselaws?id=331577 The Court upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act. It emphasized the importance of clearly stating grounds for penalty imposition to allow the assessee a fair opportunity to contest. The Tribunal's reliance on a previous High Court judgment regarding the necessity of specific grounds for penalties was deemed appropriate. As the facts aligned with the precedent case, the Court dismissed the appeal, stating that no new substantial question of law arose, and the law should remain consistent with established legal principles unless overturned. en-us Thu, 28 Jul 2016 00:00:00 +0530 Sat, 27 Aug 2016 12:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331577 The Court upheld the Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act. It emphasized the importance of clearly stating grounds for penalty imposition to allow the assessee a fair opportunity to contest. The Tribunal's reliance on a previous High Court judgment regarding the necessity of specific grounds for penalties was deemed appropriate. As the facts aligned with the precedent case, the Court dismissed the appeal, stating that no new substantial question of law arose, and the law should remain consistent with established legal principles unless overturned. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331577