https://www.taxtmi.com/caselaws?id=396342 The Tribunal dismissed the revenue's Misc. Application, upholding the assessee's appeal against the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 due to an invalid notice lacking clear charges. Emphasizing the significance of a valid notice specifying charges for penalty imposition, the Tribunal highlighted the necessity of using 'and' instead of 'or' in penalty notices when charges overlap. It reiterated the discretionary nature of penalty imposition, stressing the importance of distinct assessment and penalty proceedings to ensure fairness and compliance with legal principles. en-us Wed, 24 Jun 2020 00:00:00 +0530 Wed, 01 Jul 2020 15:49:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396342 The Tribunal dismissed the revenue's Misc. Application, upholding the assessee's appeal against the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 due to an invalid notice lacking clear charges. Emphasizing the significance of a valid notice specifying charges for penalty imposition, the Tribunal highlighted the necessity of using 'and' instead of 'or' in penalty notices when charges overlap. It reiterated the discretionary nature of penalty imposition, stressing the importance of distinct assessment and penalty proceedings to ensure fairness and compliance with legal principles. Case-Laws Income Tax Wed, 24 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396342