https://www.taxtmi.com/caselaws?id=350621 The tribunal allowed the appeal of the assessee, holding that the penalty of &8377;6,83,110/- imposed under section 271(1)(c) for disallowance of depreciation on newly purchased properties lacked clarity and specificity. The tribunal emphasized the importance of clearly specifying the grounds for penalty initiation in the notice to adhere to principles of natural justice. As the penalty was levied for furnishing inaccurate particulars without clear indication in the notice, the tribunal directed the deletion of the penalty amount. en-us Mon, 21 Aug 2017 00:00:00 +0530 Thu, 09 Nov 2017 08:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350621 The tribunal allowed the appeal of the assessee, holding that the penalty of &8377;6,83,110/- imposed under section 271(1)(c) for disallowance of depreciation on newly purchased properties lacked clarity and specificity. The tribunal emphasized the importance of clearly specifying the grounds for penalty initiation in the notice to adhere to principles of natural justice. As the penalty was levied for furnishing inaccurate particulars without clear indication in the notice, the tribunal directed the deletion of the penalty amount. Case-Laws Income Tax Mon, 21 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350621