https://www.taxtmi.com/caselaws?id=395265 The tribunal set aside the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2014-15. The penalty of Rs. 7,99,90,570/- was annulled due to the lack of clarity in the notice issued by the Assessing Officer, which failed to specify whether the penalty was for concealing income or furnishing inaccurate particulars of income. Emphasizing the importance of clearly indicating the grounds for penalty imposition in line with legal precedents, the tribunal ruled in favor of the assessee, directing the deletion of the penalty amount. en-us Tue, 05 May 2020 00:00:00 +0530 Thu, 14 May 2020 10:20:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395265 The tribunal set aside the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2014-15. The penalty of Rs. 7,99,90,570/- was annulled due to the lack of clarity in the notice issued by the Assessing Officer, which failed to specify whether the penalty was for concealing income or furnishing inaccurate particulars of income. Emphasizing the importance of clearly indicating the grounds for penalty imposition in line with legal precedents, the tribunal ruled in favor of the assessee, directing the deletion of the penalty amount. Case-Laws Income Tax Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395265