https://www.taxtmi.com/caselaws?id=359414 The ITAT canceled the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 in favor of the Assessees in two cases. The ITAT found that the penalty notices did not specify the grounds for concealment of income or furnishing inaccurate particulars, rendering them unlawful. Relying on legal precedents, including decisions by higher courts, the ITAT concluded that the penalties were not sustainable in law. Emphasizing the importance of clear specification of grounds in penalty notices, the ITAT upheld the appeals, highlighting the necessity of procedural compliance in penalty proceedings. en-us Thu, 26 Apr 2018 00:00:00 +0530 Mon, 30 Apr 2018 06:11:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359414 The ITAT canceled the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 in favor of the Assessees in two cases. The ITAT found that the penalty notices did not specify the grounds for concealment of income or furnishing inaccurate particulars, rendering them unlawful. Relying on legal precedents, including decisions by higher courts, the ITAT concluded that the penalties were not sustainable in law. Emphasizing the importance of clear specification of grounds in penalty notices, the ITAT upheld the appeals, highlighting the necessity of procedural compliance in penalty proceedings. Case-Laws Income Tax Thu, 26 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359414