https://www.taxtmi.com/caselaws?id=387027 The Tribunal allowed the appeal filed by the assessee, leading to the deletion of the penalty imposed under Section 271(1)(c) of the I.T. Act, 1961. The Tribunal found the penalty proceedings initiated by the Assessing Officer to be invalid due to defective notices that did not specify the grounds for the penalty. Additionally, the Tribunal determined that the penalty of Rs. 2,40,000 confirmed by the CIT(A) was not justified as the evidence provided by the assessee regarding the share application money was not found to be false, and the AO did not conduct an independent investigation during the penalty proceedings. en-us Mon, 30 Sep 2019 00:00:00 +0530 Tue, 15 Oct 2019 12:30:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387027 The Tribunal allowed the appeal filed by the assessee, leading to the deletion of the penalty imposed under Section 271(1)(c) of the I.T. Act, 1961. The Tribunal found the penalty proceedings initiated by the Assessing Officer to be invalid due to defective notices that did not specify the grounds for the penalty. Additionally, the Tribunal determined that the penalty of Rs. 2,40,000 confirmed by the CIT(A) was not justified as the evidence provided by the assessee regarding the share application money was not found to be false, and the AO did not conduct an independent investigation during the penalty proceedings. Case-Laws Income Tax Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387027