https://www.taxtmi.com/caselaws?id=362752 The Tribunal quashed penalty proceedings initiated under section 271(1)(c) of the Income Tax Act due to a vague notice lacking specificity, deeming it a non-application of mind by the Assessing Officer. The penalty of Rs. 79,05,625 for furnishing inaccurate particulars of income was invalidated as the AO failed to specify the exact charge in the notice and order. Consequently, the penalty was directed to be deleted, and the appeal by the assessee was allowed in full. en-us Fri, 29 Jun 2018 00:00:00 +0530 Tue, 03 Jul 2018 07:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362752 The Tribunal quashed penalty proceedings initiated under section 271(1)(c) of the Income Tax Act due to a vague notice lacking specificity, deeming it a non-application of mind by the Assessing Officer. The penalty of Rs. 79,05,625 for furnishing inaccurate particulars of income was invalidated as the AO failed to specify the exact charge in the notice and order. Consequently, the penalty was directed to be deleted, and the appeal by the assessee was allowed in full. Case-Laws Income Tax Fri, 29 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362752