https://www.taxtmi.com/caselaws?id=380016 The tribunal allowed the appeal, canceling the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961. The penalty was deemed invalid due to a defective show cause notice that failed to specify whether it was for concealment or inaccurate particulars of income. The tribunal emphasized the necessity for clear grounds for penalty imposition, aligning with the reasons provided to the assessee. The Assessing Officer was directed to delete the penalty following legal requirements outlined by the Karnataka High Court. en-us Wed, 08 May 2019 00:00:00 +0530 Sat, 11 May 2019 07:27:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380016 The tribunal allowed the appeal, canceling the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961. The penalty was deemed invalid due to a defective show cause notice that failed to specify whether it was for concealment or inaccurate particulars of income. The tribunal emphasized the necessity for clear grounds for penalty imposition, aligning with the reasons provided to the assessee. The Assessing Officer was directed to delete the penalty following legal requirements outlined by the Karnataka High Court. Case-Laws Income Tax Wed, 08 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380016