https://www.taxtmi.com/caselaws?id=334515 The Tribunal ruled in favor of the appellant, setting aside the penalty order imposed under section 271(1)(c) of the Income Tax Act. It held that the notice under section 274 failed to specify the grounds for penalty imposition, violating principles of natural justice. As a result, the penalty was deemed unsustainable, leading to the cancellation of the penalty imposed by the Assessing Officer. The Tribunal allowed the appeal of the assessee, deleting the upheld penalty and deeming further consideration unnecessary due to the quashing of penalty proceedings. en-us Tue, 18 Oct 2016 00:00:00 +0530 Tue, 15 Nov 2016 17:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334515 The Tribunal ruled in favor of the appellant, setting aside the penalty order imposed under section 271(1)(c) of the Income Tax Act. It held that the notice under section 274 failed to specify the grounds for penalty imposition, violating principles of natural justice. As a result, the penalty was deemed unsustainable, leading to the cancellation of the penalty imposed by the Assessing Officer. The Tribunal allowed the appeal of the assessee, deleting the upheld penalty and deeming further consideration unnecessary due to the quashing of penalty proceedings. Case-Laws Income Tax Tue, 18 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334515