https://www.taxtmi.com/caselaws?id=339107 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty notice was invalid for not specifying the exact charge, violating principles of natural justice. It emphasized that merely agreeing to an addition does not warrant a penalty without disproving the assessee's explanation. The Tribunal held that there was no legal basis or factual justification for imposing the penalty, leading to its cancellation on 30th December 2016. en-us Fri, 30 Dec 2016 00:00:00 +0530 Sat, 18 Feb 2017 14:50:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339107 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty notice was invalid for not specifying the exact charge, violating principles of natural justice. It emphasized that merely agreeing to an addition does not warrant a penalty without disproving the assessee's explanation. The Tribunal held that there was no legal basis or factual justification for imposing the penalty, leading to its cancellation on 30th December 2016. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339107