https://www.taxtmi.com/caselaws?id=396455 The Tribunal upheld the relief granted to the assessee by deleting the penalty under Section 271(1)(c) of the Income Tax Act amounting to Rs. 1,10,09,192. The Tribunal found that the penalty levied by the Assessing Officer was not legally valid due to the lack of clarity in specifying the nature of default, in line with legal precedents. Emphasizing the importance of correctly specifying the nature of default in penalty notices, the Tribunal dismissed the revenue's appeal, affirming the invalidity of the penalty levy. en-us Thu, 14 May 2020 00:00:00 +0530 Fri, 03 Jul 2020 13:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396455 The Tribunal upheld the relief granted to the assessee by deleting the penalty under Section 271(1)(c) of the Income Tax Act amounting to Rs. 1,10,09,192. The Tribunal found that the penalty levied by the Assessing Officer was not legally valid due to the lack of clarity in specifying the nature of default, in line with legal precedents. Emphasizing the importance of correctly specifying the nature of default in penalty notices, the Tribunal dismissed the revenue's appeal, affirming the invalidity of the penalty levy. Case-Laws Income Tax Thu, 14 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396455