https://www.taxtmi.com/caselaws?id=336432 The Tribunal allowed the appeals of the assessee, holding that the penalty proceedings under section 271(1)(c) of the Income Tax Act were invalid due to vague satisfaction recorded by the Assessing Officer and the issuance of vague notices. The Tribunal also held that Explanation 5A to section 271(1)(c) of the Act was not applicable to the additional income declared during the survey. Consequently, the penalty orders were quashed, and the penalties were deleted. en-us Wed, 14 Dec 2016 00:00:00 +0530 Wed, 21 Dec 2016 11:54:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336432 The Tribunal allowed the appeals of the assessee, holding that the penalty proceedings under section 271(1)(c) of the Income Tax Act were invalid due to vague satisfaction recorded by the Assessing Officer and the issuance of vague notices. The Tribunal also held that Explanation 5A to section 271(1)(c) of the Act was not applicable to the additional income declared during the survey. Consequently, the penalty orders were quashed, and the penalties were deleted. Case-Laws Income Tax Wed, 14 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336432