https://www.taxtmi.com/caselaws?id=387886 The Tribunal set aside the order confirming the penalty imposed under section 271(1)(c) of the Income Tax Act, citing the Assessing Officer's failure to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Relying on legal precedents, including a Supreme Court decision, the Tribunal canceled the penalty, emphasizing the necessity of clearly indicating the nature of the charge in the penalty notice. The appeal was decided in favor of the assessee, with the grounds of appeal being allowed. en-us Fri, 13 Sep 2019 00:00:00 +0530 Mon, 04 Nov 2019 06:36:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387886 The Tribunal set aside the order confirming the penalty imposed under section 271(1)(c) of the Income Tax Act, citing the Assessing Officer's failure to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. Relying on legal precedents, including a Supreme Court decision, the Tribunal canceled the penalty, emphasizing the necessity of clearly indicating the nature of the charge in the penalty notice. The appeal was decided in favor of the assessee, with the grounds of appeal being allowed. Case-Laws Income Tax Fri, 13 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387886