https://www.taxtmi.com/caselaws?id=394459 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty imposed by the Assessing Officer was not sustainable as the notice issued was vague and did not clearly specify whether the penalty was for concealment of income or furnishing of inadequate particulars. Emphasizing the importance of clear allegations in penalty proceedings for upholding natural justice, the Tribunal relied on the judgment of the Hon'ble Karnataka High Court and deleted the penalty amount. en-us Thu, 30 Jan 2020 00:00:00 +0530 Mon, 13 Apr 2020 16:04:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394459 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty imposed by the Assessing Officer was not sustainable as the notice issued was vague and did not clearly specify whether the penalty was for concealment of income or furnishing of inadequate particulars. Emphasizing the importance of clear allegations in penalty proceedings for upholding natural justice, the Tribunal relied on the judgment of the Hon'ble Karnataka High Court and deleted the penalty amount. Case-Laws Income Tax Thu, 30 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394459