https://www.taxtmi.com/caselaws?id=392589 The Tribunal upheld the CIT (A)'s decision to delete penalties imposed under section 271(1)(c) of the IT Act for concealment of income or furnishing inaccurate particulars. It emphasized the necessity for the AO to specify the exact charge in the show cause notice, deeming the penalty proceedings invalid due to lack of specificity. The Tribunal found the additions made by the AO unsustainable, leading to the dismissal of the revenue's appeals and highlighting the AO's failure to apply Explanation 5A without supporting incriminating evidence. en-us Mon, 03 Feb 2020 00:00:00 +0530 Wed, 24 Jun 2020 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392589 The Tribunal upheld the CIT (A)'s decision to delete penalties imposed under section 271(1)(c) of the IT Act for concealment of income or furnishing inaccurate particulars. It emphasized the necessity for the AO to specify the exact charge in the show cause notice, deeming the penalty proceedings invalid due to lack of specificity. The Tribunal found the additions made by the AO unsustainable, leading to the dismissal of the revenue's appeals and highlighting the AO's failure to apply Explanation 5A without supporting incriminating evidence. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392589