https://www.taxtmi.com/caselaws?id=280705 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The penalty was deemed invalid as the notice did not specify the nature of default, whether for concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the importance of clarity in such notices and cited precedents where penalties were canceled for similar defects. Consequently, the penalty proceedings were deemed bad in law, leading to the cancellation of the penalty and the assessee's appeal being allowed. en-us Mon, 13 Aug 2018 00:00:00 +0530 Fri, 17 May 2019 20:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280705 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act. The penalty was deemed invalid as the notice did not specify the nature of default, whether for concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the importance of clarity in such notices and cited precedents where penalties were canceled for similar defects. Consequently, the penalty proceedings were deemed bad in law, leading to the cancellation of the penalty and the assessee's appeal being allowed. Case-Laws Income Tax Mon, 13 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280705