https://www.taxtmi.com/caselaws?id=397904 The Appellate Tribunal ITAT Kolkata allowed the appeals of two assesses, canceling penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the show cause notices lacked specificity on grounds of concealment or inaccurate particulars of income, rendering the penalty imposition invalid. Emphasizing the importance of clear grounds for penalty imposition, the tribunal highlighted the necessity of adherence to principles of natural justice. The Assessing Officer was directed to delete the penalties, ensuring procedural fairness in penalty proceedings. en-us Fri, 17 Jul 2020 00:00:00 +0530 Tue, 01 Sep 2020 13:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397904 The Appellate Tribunal ITAT Kolkata allowed the appeals of two assesses, canceling penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the show cause notices lacked specificity on grounds of concealment or inaccurate particulars of income, rendering the penalty imposition invalid. Emphasizing the importance of clear grounds for penalty imposition, the tribunal highlighted the necessity of adherence to principles of natural justice. The Assessing Officer was directed to delete the penalties, ensuring procedural fairness in penalty proceedings. Case-Laws Income Tax Fri, 17 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397904