https://www.taxtmi.com/caselaws?id=343529 The penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07 was cancelled. The court found that the penalty notice lacked specificity in detailing the charge against the assessee, following legal precedents requiring a specific charge for penalty imposition. The inconsistency in the department's position and the bona fide nature of the assessee's claim were considered, leading to the cancellation of the penalty due to the lack of clarity in the charge. en-us Fri, 19 May 2017 00:00:00 +0530 Sat, 27 May 2017 07:04:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343529 The penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07 was cancelled. The court found that the penalty notice lacked specificity in detailing the charge against the assessee, following legal precedents requiring a specific charge for penalty imposition. The inconsistency in the department's position and the bona fide nature of the assessee's claim were considered, leading to the cancellation of the penalty due to the lack of clarity in the charge. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343529