https://www.taxtmi.com/caselaws?id=287147 The Tribunal held that penalty proceedings initiated without clear satisfaction under section 271(1)(c) of the Income Tax Act were void ab initio. It emphasized the necessity for specifying the limb under which the penalty was proposed to be levied and ruled that initiating proceedings for one limb and levying for another rendered the penalty invalid. The Tribunal also found the concealment penalty unjustified in denying set off of business loss against salary income, directing deletion of the penalty imposed. en-us Wed, 22 Jan 2020 00:00:00 +0530 Tue, 31 Mar 2020 12:16:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287147 The Tribunal held that penalty proceedings initiated without clear satisfaction under section 271(1)(c) of the Income Tax Act were void ab initio. It emphasized the necessity for specifying the limb under which the penalty was proposed to be levied and ruled that initiating proceedings for one limb and levying for another rendered the penalty invalid. The Tribunal also found the concealment penalty unjustified in denying set off of business loss against salary income, directing deletion of the penalty imposed. Case-Laws Income Tax Wed, 22 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287147