https://www.taxtmi.com/caselaws?id=395350 The Tribunal annulled the penalty proceedings, determining they were invalidly initiated by the AO due to the absence of a specific charge of concealment or furnishing inaccurate particulars of income. The proceedings failed to meet legal requirements under section 271(1)(c) of the Income Tax Act, 1961. Citing relevant case laws, the Tribunal ruled in favor of the assessee, resulting in the cancellation of the disputed penalty. en-us Tue, 05 May 2020 00:00:00 +0530 Wed, 06 Nov 2024 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395350 The Tribunal annulled the penalty proceedings, determining they were invalidly initiated by the AO due to the absence of a specific charge of concealment or furnishing inaccurate particulars of income. The proceedings failed to meet legal requirements under section 271(1)(c) of the Income Tax Act, 1961. Citing relevant case laws, the Tribunal ruled in favor of the assessee, resulting in the cancellation of the disputed penalty. Case-Laws Income Tax Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395350