https://www.taxtmi.com/caselaws?id=382904 The Tribunal ruled in favor of the appellant, emphasizing the importance of proper satisfaction and show cause notice in penalty proceedings under section 271(1)(c) of the Income-tax Act. The penalty imposed for concealment of income was deleted due to the Assessing Officer's failure to specify the contravened limb of the Act and issue a suitable show cause notice, following the precedent set by the Bombay High Court. The judgment highlighted the necessity of clearly identifying the specific violation by the assessee before imposing penalties, ensuring procedural fairness and compliance with legal requirements. en-us Tue, 09 Jul 2019 00:00:00 +0530 Thu, 11 Jul 2019 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382904 The Tribunal ruled in favor of the appellant, emphasizing the importance of proper satisfaction and show cause notice in penalty proceedings under section 271(1)(c) of the Income-tax Act. The penalty imposed for concealment of income was deleted due to the Assessing Officer's failure to specify the contravened limb of the Act and issue a suitable show cause notice, following the precedent set by the Bombay High Court. The judgment highlighted the necessity of clearly identifying the specific violation by the assessee before imposing penalties, ensuring procedural fairness and compliance with legal requirements. Case-Laws Income Tax Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382904