https://www.taxtmi.com/caselaws?id=353286 The tribunal declared the penalty notice invalid for lack of specificity, leading to the dismissal of penalty proceedings. The penalty imposed under section 68 was also revoked due to the Assessing Officer's failure to conduct an independent inquiry. Additionally, the deletion of penalty under section 50C was upheld, citing precedents that a decline of a legal claim does not justify a penalty. The Revenue's appeal was dismissed due to the low tax effect. The decision was rendered on 22/12/2017. en-us Fri, 22 Dec 2017 00:00:00 +0530 Sun, 31 Dec 2017 21:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353286 The tribunal declared the penalty notice invalid for lack of specificity, leading to the dismissal of penalty proceedings. The penalty imposed under section 68 was also revoked due to the Assessing Officer's failure to conduct an independent inquiry. Additionally, the deletion of penalty under section 50C was upheld, citing precedents that a decline of a legal claim does not justify a penalty. The Revenue's appeal was dismissed due to the low tax effect. The decision was rendered on 22/12/2017. Case-Laws Income Tax Fri, 22 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353286