https://www.taxtmi.com/caselaws?id=365499 The Tribunal quashed the penalty proceedings under Section 271(1)(c) of the Income Tax Act as the penalty notice lacked specificity on the grounds for penalty and the revised return declaring nil income was accepted. The Tribunal emphasized procedural compliance, stating that without specifying the grounds and with no income concealment found, imposing a penalty was unwarranted. The decision highlights the importance of clarity in penalty proceedings and the necessity for a valid basis before levying penalties, ultimately deleting the penalties for the relevant assessment years. en-us Tue, 14 Aug 2018 00:00:00 +0530 Sat, 18 Aug 2018 09:26:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365499 The Tribunal quashed the penalty proceedings under Section 271(1)(c) of the Income Tax Act as the penalty notice lacked specificity on the grounds for penalty and the revised return declaring nil income was accepted. The Tribunal emphasized procedural compliance, stating that without specifying the grounds and with no income concealment found, imposing a penalty was unwarranted. The decision highlights the importance of clarity in penalty proceedings and the necessity for a valid basis before levying penalties, ultimately deleting the penalties for the relevant assessment years. Case-Laws Income Tax Tue, 14 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365499