https://www.taxtmi.com/caselaws?id=372822 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for disallowance of legal expenses and increase in authorized share capital. The Tribunal found discrepancies in the penalty initiation process and lack of clarity in the penalty order, emphasizing that penalty should be imposed based on the specific ground for which penalty proceedings were initiated. As a result, the Tribunal decided to delete the penalty imposed by the AO, ruling in favor of the appellant on 27/12/2018. en-us Thu, 27 Dec 2018 00:00:00 +0530 Mon, 31 Dec 2018 07:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372822 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for disallowance of legal expenses and increase in authorized share capital. The Tribunal found discrepancies in the penalty initiation process and lack of clarity in the penalty order, emphasizing that penalty should be imposed based on the specific ground for which penalty proceedings were initiated. As a result, the Tribunal decided to delete the penalty imposed by the AO, ruling in favor of the appellant on 27/12/2018. Case-Laws Income Tax Thu, 27 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372822