https://www.taxtmi.com/caselaws?id=373785 The Tribunal allowed the appeal of the assessee, canceling the penalty of Rs. 676,642 imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the failure of the penalty notice to clearly specify the grounds for the penalty, as required by law, and the resulting non-application of mind by the Assessing Officer. The Tribunal emphasized the necessity of the penalty notice clearly stating the grounds for the penalty, citing legal precedents to support the cancellation of the penalty order. en-us Wed, 16 Jan 2019 00:00:00 +0530 Sat, 19 Jan 2019 07:57:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373785 The Tribunal allowed the appeal of the assessee, canceling the penalty of Rs. 676,642 imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the failure of the penalty notice to clearly specify the grounds for the penalty, as required by law, and the resulting non-application of mind by the Assessing Officer. The Tribunal emphasized the necessity of the penalty notice clearly stating the grounds for the penalty, citing legal precedents to support the cancellation of the penalty order. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373785