https://www.taxtmi.com/caselaws?id=357323 The tribunal found that the penalty notices issued under Section 274 read with Section 271(1)(c) of the Income Tax Act were invalid due to lack of specificity in stating the grounds for the penalty. It was determined that the notices did not meet statutory requirements, rendering them void ab initio. As a result, all proceedings based on these notices, including the penalty orders, were quashed, and the appeals were allowed in favor of the assessees. en-us Tue, 19 Dec 2017 00:00:00 +0530 Wed, 21 Mar 2018 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357323 The tribunal found that the penalty notices issued under Section 274 read with Section 271(1)(c) of the Income Tax Act were invalid due to lack of specificity in stating the grounds for the penalty. It was determined that the notices did not meet statutory requirements, rendering them void ab initio. As a result, all proceedings based on these notices, including the penalty orders, were quashed, and the appeals were allowed in favor of the assessees. Case-Laws Income Tax Tue, 19 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357323