https://www.taxtmi.com/caselaws?id=379556 The Tribunal found the penalty notice issued under Section 274 read with Section 271(1)(c) to be invalid due to lack of specificity regarding the charge for penalty. The notice did not comply with the requirement to specify whether the penalty was for "concealment of particulars of income" or "furnishing inaccurate particulars of income." Consequently, the penalty of Rs. 12,50,000 imposed for the Assessment Year 2012-13 was deleted, and the appeal of the assessee was allowed. Other arguments on the merits of the penalty were deemed academic. en-us Tue, 30 Apr 2019 00:00:00 +0530 Sat, 04 May 2019 06:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379556 The Tribunal found the penalty notice issued under Section 274 read with Section 271(1)(c) to be invalid due to lack of specificity regarding the charge for penalty. The notice did not comply with the requirement to specify whether the penalty was for "concealment of particulars of income" or "furnishing inaccurate particulars of income." Consequently, the penalty of Rs. 12,50,000 imposed for the Assessment Year 2012-13 was deleted, and the appeal of the assessee was allowed. Other arguments on the merits of the penalty were deemed academic. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379556