https://www.taxtmi.com/caselaws?id=373796 The Court ruled in favor of the assessee and against the revenue, setting aside the penalty orders for the relevant assessment years. The Court emphasized the necessity for the Assessing Officer to state reasons for initiating penalty proceedings in the assessment order, highlighting the importance of specificity in the penalty initiation process. Additionally, the Court scrutinized the Tribunal's findings on the penalty order and the method of calculating additions, ultimately invalidating the penalty imposition based on estimated income and disallowed deductions. en-us Wed, 19 Dec 2018 00:00:00 +0530 Mon, 21 Jan 2019 06:48:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373796 The Court ruled in favor of the assessee and against the revenue, setting aside the penalty orders for the relevant assessment years. The Court emphasized the necessity for the Assessing Officer to state reasons for initiating penalty proceedings in the assessment order, highlighting the importance of specificity in the penalty initiation process. Additionally, the Court scrutinized the Tribunal's findings on the penalty order and the method of calculating additions, ultimately invalidating the penalty imposition based on estimated income and disallowed deductions. Case-Laws Income Tax Wed, 19 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373796