https://www.taxtmi.com/caselaws?id=347975 The tribunal canceled penalties imposed under section 271(1)(c) of the I.T. Act, 1961 for A.Y. 2009-2010 and A.Y. 2011-2012 due to lack of specification in penalty initiation. The penalties were annulled as the department failed to specify the grounds for penalty imposition. The tribunal emphasized the importance of clear penalty initiation, full disclosure by the assessee, and proper justification for penalty imposition under the Act. The decision underscores adherence to legal precedents and the necessity for transparent and justified penalty imposition in tax cases. en-us Wed, 13 Sep 2017 00:00:00 +0530 Thu, 14 Sep 2017 08:08:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347975 The tribunal canceled penalties imposed under section 271(1)(c) of the I.T. Act, 1961 for A.Y. 2009-2010 and A.Y. 2011-2012 due to lack of specification in penalty initiation. The penalties were annulled as the department failed to specify the grounds for penalty imposition. The tribunal emphasized the importance of clear penalty initiation, full disclosure by the assessee, and proper justification for penalty imposition under the Act. The decision underscores adherence to legal precedents and the necessity for transparent and justified penalty imposition in tax cases. Case-Laws Income Tax Wed, 13 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347975