https://www.taxtmi.com/caselaws?id=341437 The Appellate Tribunal ITAT Mumbai allowed all appeals by two assessees challenging penalties under section 271(1)(c) for multiple Assessment Years. The Tribunal found flaws in penalty proceedings, including lack of specificity in show-cause notices and discrepancies between grounds for initiation and confirmation of penalties. Penalties were quashed based on legal principles and precedents, emphasizing the importance of adherence to established standards in penalty imposition. The judgment underscored the necessity for clarity in penalty proceedings and compliance with statutory provisions and judicial precedents to ensure fairness and legality in tax penalty cases. en-us Thu, 06 Apr 2017 00:00:00 +0530 Fri, 07 Apr 2017 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341437 The Appellate Tribunal ITAT Mumbai allowed all appeals by two assessees challenging penalties under section 271(1)(c) for multiple Assessment Years. The Tribunal found flaws in penalty proceedings, including lack of specificity in show-cause notices and discrepancies between grounds for initiation and confirmation of penalties. Penalties were quashed based on legal principles and precedents, emphasizing the importance of adherence to established standards in penalty imposition. The judgment underscored the necessity for clarity in penalty proceedings and compliance with statutory provisions and judicial precedents to ensure fairness and legality in tax penalty cases. Case-Laws Income Tax Thu, 06 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341437