https://www.taxtmi.com/caselaws?id=386429 The Appellate Tribunal allowed the Assessee's appeal, deleting the penalty of Rs. 39,756.00 imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the penalty unsustainable as it was imposed without specifying the charge, as mandated by the Act. Despite the Assessee's failure to disclose bank transactions and business income, the Tribunal focused on the lack of a clear finding on the specific charge, leading to the deletion of the penalty on technical grounds. en-us Fri, 20 Sep 2019 00:00:00 +0530 Sat, 28 Sep 2019 07:45:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386429 The Appellate Tribunal allowed the Assessee's appeal, deleting the penalty of Rs. 39,756.00 imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the penalty unsustainable as it was imposed without specifying the charge, as mandated by the Act. Despite the Assessee's failure to disclose bank transactions and business income, the Tribunal focused on the lack of a clear finding on the specific charge, leading to the deletion of the penalty on technical grounds. Case-Laws Income Tax Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386429