https://www.taxtmi.com/caselaws?id=394077 The Tribunal ruled in favor of the appellant, quashing the penalty orders. It held that the penalty notice was void ab initio due to lack of specificity, emphasizing the need for clear satisfaction before initiating penalty proceedings. The concealment penalty on ad-hoc disallowance of purchases and disallowance under section 43B was deemed unjustified, citing the appellant's evidence and lack of opportunity to rebut. The Tribunal highlighted errors in confirming penalties without proper assessment, ultimately deleting the penalties imposed. en-us Fri, 06 Mar 2020 00:00:00 +0530 Tue, 31 Mar 2020 15:45:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394077 The Tribunal ruled in favor of the appellant, quashing the penalty orders. It held that the penalty notice was void ab initio due to lack of specificity, emphasizing the need for clear satisfaction before initiating penalty proceedings. The concealment penalty on ad-hoc disallowance of purchases and disallowance under section 43B was deemed unjustified, citing the appellant's evidence and lack of opportunity to rebut. The Tribunal highlighted errors in confirming penalties without proper assessment, ultimately deleting the penalties imposed. Case-Laws Income Tax Fri, 06 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394077