https://www.taxtmi.com/caselaws?id=346502 The Tribunal found that the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 21,76,000/- was unjustified due to lack of conclusive evidence and inconsistencies in statements. Therefore, the penalty was deleted. Additionally, the Tribunal held that the notice issued under Section 274 read with Section 271(1)(c) was invalid as it did not specify the charge against the assessee, leading to the quashing of the penalty imposed based on the invalid notice. The appeal was allowed, and the penalty was quashed. en-us Thu, 27 Jul 2017 00:00:00 +0530 Wed, 30 Aug 2017 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346502 The Tribunal found that the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 21,76,000/- was unjustified due to lack of conclusive evidence and inconsistencies in statements. Therefore, the penalty was deleted. Additionally, the Tribunal held that the notice issued under Section 274 read with Section 271(1)(c) was invalid as it did not specify the charge against the assessee, leading to the quashing of the penalty imposed based on the invalid notice. The appeal was allowed, and the penalty was quashed. Case-Laws Income Tax Thu, 27 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346502