https://www.taxtmi.com/caselaws?id=379454 The Tribunal allowed the appeal for Assessment Year 2006-07, canceling the penalty under section 271(1)(c) of the Income Tax Act, 1961. The penalty notice issued by the Assessing Officer was deemed invalid as it did not specify the nature of default, following the precedent set by the Karnataka High Court. Consequently, the Tribunal found in favor of the assessee, emphasizing the necessity of clear and specific notices in penalty proceedings. The decision was rendered on April 30, 2019. en-us Tue, 30 Apr 2019 00:00:00 +0530 Fri, 03 May 2019 08:59:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379454 The Tribunal allowed the appeal for Assessment Year 2006-07, canceling the penalty under section 271(1)(c) of the Income Tax Act, 1961. The penalty notice issued by the Assessing Officer was deemed invalid as it did not specify the nature of default, following the precedent set by the Karnataka High Court. Consequently, the Tribunal found in favor of the assessee, emphasizing the necessity of clear and specific notices in penalty proceedings. The decision was rendered on April 30, 2019. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379454