https://www.taxtmi.com/caselaws?id=368159 The Tribunal quashed the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, as the notice by the Assessing Officer failed to specify the exact grounds for penalty initiation, aligning with legal precedents emphasizing the necessity of such specificity. The Supreme Court dismissed the Revenue's Special Leave Petition, reinforcing the requirement for explicitly stating penalty grounds in the notice. As a result, the penalty proceedings were deemed unsustainable in law, leading to the annulment of the penalty and allowing the Assessee's appeal without further case adjudication. en-us Thu, 27 Sep 2018 00:00:00 +0530 Wed, 03 Oct 2018 08:21:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368159 The Tribunal quashed the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, as the notice by the Assessing Officer failed to specify the exact grounds for penalty initiation, aligning with legal precedents emphasizing the necessity of such specificity. The Supreme Court dismissed the Revenue's Special Leave Petition, reinforcing the requirement for explicitly stating penalty grounds in the notice. As a result, the penalty proceedings were deemed unsustainable in law, leading to the annulment of the penalty and allowing the Assessee's appeal without further case adjudication. Case-Laws Income Tax Thu, 27 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368159