https://www.taxtmi.com/caselaws?id=353936 The Tribunal found the penalty proceedings under Section 271(1)(c) of the Income Tax Act invalid due to the Assessing Officer's failure to specify the charge in the penalty notice, rendering the initiation improper. As a result, the penalty was deleted, the assessee's appeal was allowed, and the Revenue's appeal was dismissed. Other arguments regarding full disclosure, debatability of the issue, tax neutrality, and lack of motive were not addressed due to the initial ruling on the notice's deficiency. en-us Fri, 12 Jan 2018 00:00:00 +0530 Mon, 15 Jan 2018 07:43:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353936 The Tribunal found the penalty proceedings under Section 271(1)(c) of the Income Tax Act invalid due to the Assessing Officer's failure to specify the charge in the penalty notice, rendering the initiation improper. As a result, the penalty was deleted, the assessee's appeal was allowed, and the Revenue's appeal was dismissed. Other arguments regarding full disclosure, debatability of the issue, tax neutrality, and lack of motive were not addressed due to the initial ruling on the notice's deficiency. Case-Laws Income Tax Fri, 12 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353936