https://www.taxtmi.com/caselaws?id=393455 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 due to lack of specificity in the notice regarding the basis for penalty initiation. Relying on legal precedents emphasizing the necessity of clearly indicating the grounds for penalty, the Tribunal directed the Assessing Officer to delete the penalty amount of Rs. 5,36,115. Consequently, the appeal was allowed, and the penalty was revoked in favor of the assessee. en-us Thu, 12 Mar 2020 00:00:00 +0530 Mon, 16 Mar 2020 07:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393455 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 due to lack of specificity in the notice regarding the basis for penalty initiation. Relying on legal precedents emphasizing the necessity of clearly indicating the grounds for penalty, the Tribunal directed the Assessing Officer to delete the penalty amount of Rs. 5,36,115. Consequently, the appeal was allowed, and the penalty was revoked in favor of the assessee. Case-Laws Income Tax Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393455