https://www.taxtmi.com/caselaws?id=280913 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty was unjustly imposed as the Assessing Officer failed to specify the grounds for penalty, following legal precedents that penalty cannot be levied without clear grounds. The Tribunal directed the AO to delete the penalty, emphasizing that the expenses claimed were legitimate and disclosed, albeit not amortized as per the Act's provisions. en-us Tue, 15 Jan 2019 00:00:00 +0530 Sat, 25 May 2019 09:52:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280913 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the penalty was unjustly imposed as the Assessing Officer failed to specify the grounds for penalty, following legal precedents that penalty cannot be levied without clear grounds. The Tribunal directed the AO to delete the penalty, emphasizing that the expenses claimed were legitimate and disclosed, albeit not amortized as per the Act's provisions. Case-Laws Income Tax Tue, 15 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280913