https://www.taxtmi.com/caselaws?id=371555 The Tribunal upheld the deletion of a penalty of Rs. 25,62,569 imposed under section 271(1)(c) by the Assessing Officer. The Tribunal found that the claim of loss made based on the tax audit report could not be deemed non-bona fide, and there were differing opinions of revenue authorities at different stages, leading to the conclusion that the penalty notice itself was defective for not specifying a particular charge. The Tribunal dismissed the appeal of the Revenue and upheld the deletion of the penalty under section 271(1)(c) by the ld. CIT(A) based on the findings related to the claimed losses, legal precedents, and the defective nature of the penalty notice. en-us Mon, 03 Dec 2018 00:00:00 +0530 Thu, 06 Dec 2018 05:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371555 The Tribunal upheld the deletion of a penalty of Rs. 25,62,569 imposed under section 271(1)(c) by the Assessing Officer. The Tribunal found that the claim of loss made based on the tax audit report could not be deemed non-bona fide, and there were differing opinions of revenue authorities at different stages, leading to the conclusion that the penalty notice itself was defective for not specifying a particular charge. The Tribunal dismissed the appeal of the Revenue and upheld the deletion of the penalty under section 271(1)(c) by the ld. CIT(A) based on the findings related to the claimed losses, legal precedents, and the defective nature of the penalty notice. Case-Laws Income Tax Mon, 03 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371555