https://www.taxtmi.com/caselaws?id=383332 The Tribunal upheld the CIT(A)'s decision to cancel a penalty of &8377; 42,53,875/- under section 271(1)(c) of the Income Tax Act. The penalty was annulled due to a defective notice lacking specificity on whether it was for concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the necessity for clear and unambiguous notices to provide the assessee with a fair opportunity to defend. The decision stressed the importance of precision in penalty notices to ensure fairness and clarity in penalty proceedings, leading to the dismissal of the revenue's appeal. en-us Wed, 17 Jul 2019 00:00:00 +0530 Mon, 22 Jul 2019 08:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383332 The Tribunal upheld the CIT(A)'s decision to cancel a penalty of &8377; 42,53,875/- under section 271(1)(c) of the Income Tax Act. The penalty was annulled due to a defective notice lacking specificity on whether it was for concealment of income or furnishing inaccurate particulars. The Tribunal emphasized the necessity for clear and unambiguous notices to provide the assessee with a fair opportunity to defend. The decision stressed the importance of precision in penalty notices to ensure fairness and clarity in penalty proceedings, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 17 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383332