https://www.taxtmi.com/caselaws?id=189017 The Tribunal concluded that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the assessee had provided all necessary details and explanations, which were substantiated and not found false. The Assessing Officer failed to specify the specific default warranting the penalty. As a result, the penalty of Rs. 1,61,943 was canceled, and the appeal of the assessee was allowed. en-us Wed, 11 Feb 2009 00:00:00 +0530 Fri, 23 Dec 2016 18:28:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189017 The Tribunal concluded that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the assessee had provided all necessary details and explanations, which were substantiated and not found false. The Assessing Officer failed to specify the specific default warranting the penalty. As a result, the penalty of Rs. 1,61,943 was canceled, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 11 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189017