https://www.taxtmi.com/caselaws?id=351536 The Tribunal found the penalty proceedings invalid as the Assessing Officer failed to specify the exact nature of the offence, violating natural justice principles. The penalty under section 271(1)(c) was deleted due to ambiguity in the show cause notice and the absence of grounds for penalty. Regarding the addition of Rs. 25 lakh, the Tribunal upheld the assessee's claim, noting full disclosure of the transaction and a bona fide attempt, leading to the deletion of the penalty. The appeal was allowed based on the invalid penalty proceedings and the merits of the case. en-us Thu, 23 Nov 2017 00:00:00 +0530 Mon, 27 Nov 2017 08:15:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351536 The Tribunal found the penalty proceedings invalid as the Assessing Officer failed to specify the exact nature of the offence, violating natural justice principles. The penalty under section 271(1)(c) was deleted due to ambiguity in the show cause notice and the absence of grounds for penalty. Regarding the addition of Rs. 25 lakh, the Tribunal upheld the assessee's claim, noting full disclosure of the transaction and a bona fide attempt, leading to the deletion of the penalty. The appeal was allowed based on the invalid penalty proceedings and the merits of the case. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351536