https://www.taxtmi.com/caselaws?id=368397 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act. It found the penalty notice lacked clarity on whether it was for concealment of income or furnishing inaccurate particulars, rendering it invalid. The Tribunal emphasized the necessity of clearly stating grounds for penalties to allow the assessee to contest effectively. Consequently, the penalty was deemed unsustainable, leading to the dismissal of both the Revenue's appeal and the assessee's cross objection. The decision was based on ensuring the fairness of penalty proceedings. en-us Fri, 05 Oct 2018 00:00:00 +0530 Mon, 08 Oct 2018 07:32:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368397 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under section 271(1)(c) of the Income Tax Act. It found the penalty notice lacked clarity on whether it was for concealment of income or furnishing inaccurate particulars, rendering it invalid. The Tribunal emphasized the necessity of clearly stating grounds for penalties to allow the assessee to contest effectively. Consequently, the penalty was deemed unsustainable, leading to the dismissal of both the Revenue's appeal and the assessee's cross objection. The decision was based on ensuring the fairness of penalty proceedings. Case-Laws Income Tax Fri, 05 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368397