https://www.taxtmi.com/caselaws?id=200189 The Tribunal held that the initiation of penalty proceedings lacked the necessary satisfaction as required by law and the show-cause notice was defective for not specifying the grounds for penalty. Consequently, the penalties imposed under Section 271(1)(c) of the Income Tax Act were deemed invalid and canceled. The appeals were allowed, and the penalties were directed to be canceled, with the Tribunal not addressing the Assessee's argument regarding immunity under Explanation 5 to Section 271(1)(c) as the penalties were deleted on other grounds. en-us Wed, 20 Jan 2016 00:00:00 +0530 Fri, 23 Mar 2018 10:07:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200189 The Tribunal held that the initiation of penalty proceedings lacked the necessary satisfaction as required by law and the show-cause notice was defective for not specifying the grounds for penalty. Consequently, the penalties imposed under Section 271(1)(c) of the Income Tax Act were deemed invalid and canceled. The appeals were allowed, and the penalties were directed to be canceled, with the Tribunal not addressing the Assessee's argument regarding immunity under Explanation 5 to Section 271(1)(c) as the penalties were deleted on other grounds. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200189