https://www.taxtmi.com/caselaws?id=355319 The Tribunal allowed the Assessee's appeal against the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty notice was ambiguous and failed to specify whether it was for "concealment of particulars of income" or "furnishing of inaccurate particulars," rendering it invalid. Citing precedents, including decisions from the Karnataka High Court and Supreme Court, the Tribunal canceled the penalty, concluding that the ambiguity in the notice made it unsustainable in law. en-us Wed, 07 Feb 2018 00:00:00 +0530 Tue, 13 Feb 2018 06:17:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355319 The Tribunal allowed the Assessee's appeal against the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty notice was ambiguous and failed to specify whether it was for "concealment of particulars of income" or "furnishing of inaccurate particulars," rendering it invalid. Citing precedents, including decisions from the Karnataka High Court and Supreme Court, the Tribunal canceled the penalty, concluding that the ambiguity in the notice made it unsustainable in law. Case-Laws Income Tax Wed, 07 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355319