https://www.taxtmi.com/caselaws?id=363856 The Tribunal found that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not valid due to lack of specificity in the charge and discrepancy between initiation and imposition of penalty. The penalty for concealment of income was levied despite the notice alleging furnishing inaccurate particulars of income. Citing precedents, the Tribunal held that penalty proceedings must be clear and specific. As a result, the penalty for both assessment years was deleted, and the appeals of the assessee were allowed, quashing the penalty proceedings. en-us Mon, 09 Jul 2018 00:00:00 +0530 Thu, 19 Jul 2018 06:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363856 The Tribunal found that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not valid due to lack of specificity in the charge and discrepancy between initiation and imposition of penalty. The penalty for concealment of income was levied despite the notice alleging furnishing inaccurate particulars of income. Citing precedents, the Tribunal held that penalty proceedings must be clear and specific. As a result, the penalty for both assessment years was deleted, and the appeals of the assessee were allowed, quashing the penalty proceedings. Case-Laws Income Tax Mon, 09 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363856