https://www.taxtmi.com/caselaws?id=391814 The Tribunal allowed the Assessee's appeal, canceling the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. It held that the penalty proceedings were not validly initiated as the assessing officer did not specify the charge of concealment or furnishing inaccurate particulars of income. Relying on relevant case laws, the Tribunal found in favor of the Assessee, noting the lack of satisfaction recorded by the AO for initiating the penalty proceedings. Consequently, the penalty was deleted, and the appeal of the Assessee was successful. en-us Wed, 05 Feb 2020 00:00:00 +0530 Fri, 07 Feb 2020 11:19:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391814 The Tribunal allowed the Assessee's appeal, canceling the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. It held that the penalty proceedings were not validly initiated as the assessing officer did not specify the charge of concealment or furnishing inaccurate particulars of income. Relying on relevant case laws, the Tribunal found in favor of the Assessee, noting the lack of satisfaction recorded by the AO for initiating the penalty proceedings. Consequently, the penalty was deleted, and the appeal of the Assessee was successful. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391814