https://www.taxtmi.com/caselaws?id=332805 The Tribunal set aside the penalty order under section 271(1)(c) of the Income-tax Act, 1961, as the initiation of penalty proceedings lacked specific grounds as required by law. The Tribunal emphasized the necessity for the notice to specify whether the penalty is for concealment of income or furnishing inaccurate particulars. Consequently, the penalty was deleted due to incorrect initiation of proceedings. The revenue's appeal was dismissed, and the Cross Objection by the assessee was allowed, highlighting the importance of adhering to legal requirements in initiating penalty proceedings. en-us Thu, 30 Jun 2016 00:00:00 +0530 Tue, 27 Sep 2016 12:01:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332805 The Tribunal set aside the penalty order under section 271(1)(c) of the Income-tax Act, 1961, as the initiation of penalty proceedings lacked specific grounds as required by law. The Tribunal emphasized the necessity for the notice to specify whether the penalty is for concealment of income or furnishing inaccurate particulars. Consequently, the penalty was deleted due to incorrect initiation of proceedings. The revenue's appeal was dismissed, and the Cross Objection by the assessee was allowed, highlighting the importance of adhering to legal requirements in initiating penalty proceedings. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332805