https://www.taxtmi.com/caselaws?id=346664 The tribunal reversed the FAA's decision to uphold a penalty of Rs. 57.36 lakhs imposed under Section 271(1)(c) of the Income-tax Act, 1961, on an assessee engaged in Real Estate Development. The tribunal found that the penalty notice lacked clarity as the irrelevant portion was not struck off, following precedents that emphasized the necessity of specifying the grounds for penalty. Consequently, the tribunal ruled in favor of the assessee, allowing the appeals for both assessment years. en-us Wed, 09 Aug 2017 00:00:00 +0530 Mon, 21 Aug 2017 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=346664 The tribunal reversed the FAA's decision to uphold a penalty of Rs. 57.36 lakhs imposed under Section 271(1)(c) of the Income-tax Act, 1961, on an assessee engaged in Real Estate Development. The tribunal found that the penalty notice lacked clarity as the irrelevant portion was not struck off, following precedents that emphasized the necessity of specifying the grounds for penalty. Consequently, the tribunal ruled in favor of the assessee, allowing the appeals for both assessment years. Case-Laws Income Tax Wed, 09 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=346664