https://www.taxtmi.com/caselaws?id=348761 The Tribunal found the penalty notice issued by the Assessing Officer (A.O.) under section 271(1)(c) of the Income Tax Act, 1961 to be defective as it did not specify whether the penalty proceedings were for concealment of income or furnishing inaccurate particulars. Relying on precedent, the Tribunal held that the failure to indicate the nature of the offense rendered the notice invalid. Consequently, the penalty of Rs. 29,50,000 imposed by the A.O. was deemed invalid and canceled. The appeal was allowed in favor of the assessee, with the decision announced on August 18, 2017. en-us Fri, 18 Aug 2017 00:00:00 +0530 Thu, 28 Sep 2017 07:23:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348761 The Tribunal found the penalty notice issued by the Assessing Officer (A.O.) under section 271(1)(c) of the Income Tax Act, 1961 to be defective as it did not specify whether the penalty proceedings were for concealment of income or furnishing inaccurate particulars. Relying on precedent, the Tribunal held that the failure to indicate the nature of the offense rendered the notice invalid. Consequently, the penalty of Rs. 29,50,000 imposed by the A.O. was deemed invalid and canceled. The appeal was allowed in favor of the assessee, with the decision announced on August 18, 2017. Case-Laws Income Tax Fri, 18 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348761