https://www.taxtmi.com/caselaws?id=333396 The Tribunal found the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 invalid due to a defective notice that did not specify the grounds for the penalty. Relying on precedents emphasizing the necessity for clarity in penalty grounds, the Tribunal canceled the penalty of Rs. 7,84,087/- imposed on the assessee for concealment of income or furnishing inaccurate particulars. The appeal was allowed, and the decision was pronounced on 24/08/2016. en-us Wed, 24 Aug 2016 00:00:00 +0530 Thu, 13 Oct 2016 09:42:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333396 The Tribunal found the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 invalid due to a defective notice that did not specify the grounds for the penalty. Relying on precedents emphasizing the necessity for clarity in penalty grounds, the Tribunal canceled the penalty of Rs. 7,84,087/- imposed on the assessee for concealment of income or furnishing inaccurate particulars. The appeal was allowed, and the decision was pronounced on 24/08/2016. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333396