https://www.taxtmi.com/caselaws?id=344027 The Tribunal concluded that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified as the additional income was offered in good faith to avoid litigation. Additionally, the notice issued under Section 274 read with Section 271(1)(c) was found to be invalid due to lack of specificity in specifying the charge, rendering the penalty proceedings invalid. Consequently, the Tribunal directed the Assessing Officer to delete the penalty of Rs. 1,93,602, and the appeal of the Assessee was allowed. en-us Mon, 05 Jun 2017 00:00:00 +0530 Wed, 07 Jun 2017 06:28:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344027 The Tribunal concluded that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not justified as the additional income was offered in good faith to avoid litigation. Additionally, the notice issued under Section 274 read with Section 271(1)(c) was found to be invalid due to lack of specificity in specifying the charge, rendering the penalty proceedings invalid. Consequently, the Tribunal directed the Assessing Officer to delete the penalty of Rs. 1,93,602, and the appeal of the Assessee was allowed. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344027