https://www.taxtmi.com/caselaws?id=332535 The Tribunal set aside the penalty order as the notices initiating penalty proceedings did not specify whether it was for concealment of income or furnishing inaccurate particulars of income, rendering the penalty unsustainable. Emphasizing the importance of clearly stating grounds for penalty, the Tribunal deleted the penalty due to incorrect initiation of proceedings, allowing the assessee's appeals. The decision underscored the necessity of providing clear grounds for penalties in notices under section 271(1)(c) for fairness and adherence to natural justice principles. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 20 Sep 2016 09:05:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332535 The Tribunal set aside the penalty order as the notices initiating penalty proceedings did not specify whether it was for concealment of income or furnishing inaccurate particulars of income, rendering the penalty unsustainable. Emphasizing the importance of clearly stating grounds for penalty, the Tribunal deleted the penalty due to incorrect initiation of proceedings, allowing the assessee's appeals. The decision underscored the necessity of providing clear grounds for penalties in notices under section 271(1)(c) for fairness and adherence to natural justice principles. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332535