https://www.taxtmi.com/caselaws?id=390836 The Appellate Tribunal directed the Assessing Officer to delete the penalty of Rs. 22,54,550 imposed on an IT services company for inaccuracies in claiming an exemption under section 10B of the Income Tax Act, 1961. The Tribunal emphasized the necessity of a specific charge under section 271(1)(c) in penalty notices, citing legal precedents. Failure to specify the grounds for penalty initiation was deemed defective, leading to the penalty's deletion based on the principle of natural justice. en-us Thu, 12 Dec 2019 00:00:00 +0530 Mon, 13 Jan 2020 07:50:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390836 The Appellate Tribunal directed the Assessing Officer to delete the penalty of Rs. 22,54,550 imposed on an IT services company for inaccuracies in claiming an exemption under section 10B of the Income Tax Act, 1961. The Tribunal emphasized the necessity of a specific charge under section 271(1)(c) in penalty notices, citing legal precedents. Failure to specify the grounds for penalty initiation was deemed defective, leading to the penalty's deletion based on the principle of natural justice. Case-Laws Income Tax Thu, 12 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390836