https://www.taxtmi.com/caselaws?id=336593 The Tribunal allowed the appeals of the assessee, quashing the penalty proceedings due to an invalid notice and an improper basis for the penalty. The Tribunal emphasized the necessity of clear and specific charges in the penalty notice for a fair hearing. The enhancement of the penalty by the CIT(A) from 100% to 150% was deemed unjustified as it was based on a different interpretation of the transactions than the original penalty proceedings. en-us Wed, 30 Nov 2016 00:00:00 +0530 Sat, 24 Dec 2016 07:56:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336593 The Tribunal allowed the appeals of the assessee, quashing the penalty proceedings due to an invalid notice and an improper basis for the penalty. The Tribunal emphasized the necessity of clear and specific charges in the penalty notice for a fair hearing. The enhancement of the penalty by the CIT(A) from 100% to 150% was deemed unjustified as it was based on a different interpretation of the transactions than the original penalty proceedings. Case-Laws Income Tax Wed, 30 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336593