https://www.taxtmi.com/caselaws?id=379563 The tribunal allowed the appeal of the assessee concerning penalties under sections 271(1)(c) and 14A of the Income Tax Act, 1961. It held that the penalty notice lacked clarity on specific charges, rendering the penalty void ab-initio. Emphasizing the necessity of specifying grounds for penalty imposition, it ruled that penalties should be based on valid grounds with fair notice to the assessee for adequate defense preparation. The penalty imposed on disallowance under section 14A was set aside, directing the Assessing Officer to delete it from the records. en-us Tue, 30 Apr 2019 00:00:00 +0530 Sat, 04 May 2019 06:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379563 The tribunal allowed the appeal of the assessee concerning penalties under sections 271(1)(c) and 14A of the Income Tax Act, 1961. It held that the penalty notice lacked clarity on specific charges, rendering the penalty void ab-initio. Emphasizing the necessity of specifying grounds for penalty imposition, it ruled that penalties should be based on valid grounds with fair notice to the assessee for adequate defense preparation. The penalty imposed on disallowance under section 14A was set aside, directing the Assessing Officer to delete it from the records. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379563