https://www.taxtmi.com/caselaws?id=343102 The Tribunal quashed penalties imposed under section 271(1)(C) for Assessment Years 2003-04 & 2006-07 due to the Assessing Officer's failure to specify the exact charge for penalty initiation, violating principles of natural justice. Penalties were related to disallowances of abnormal and fictitious losses. As the penalties were quashed on legal grounds, the Tribunal did not assess the merits of the cases further. Both appeals were allowed, emphasizing adherence to jurisdictional requirements and natural justice principles in penalty proceedings. en-us Wed, 17 May 2017 00:00:00 +0530 Fri, 19 May 2017 07:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343102 The Tribunal quashed penalties imposed under section 271(1)(C) for Assessment Years 2003-04 & 2006-07 due to the Assessing Officer's failure to specify the exact charge for penalty initiation, violating principles of natural justice. Penalties were related to disallowances of abnormal and fictitious losses. As the penalties were quashed on legal grounds, the Tribunal did not assess the merits of the cases further. Both appeals were allowed, emphasizing adherence to jurisdictional requirements and natural justice principles in penalty proceedings. Case-Laws Income Tax Wed, 17 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343102