https://www.taxtmi.com/caselaws?id=398343 The ITAT upheld the CIT(A)'s decision to delete the penalty of Rs. 554,621,230 imposed under Section 271(1)(C) of the Income Tax Act, 1961, due to the AO's failure to specify the exact charge of either concealment of income or furnishing inaccurate particulars. The tribunal emphasized that a non-specific penalty notice is legally invalid, relying on jurisdictional High Court precedents. Consequently, the AO's appeal was dismissed, affirming the penalty's deletion. Various additions and disallowances were addressed, with several deletions confirmed by the coordinate bench and pending matters before the Delhi HC. The order was pronounced on 10-09-2020. en-us Thu, 10 Sep 2020 00:00:00 +0530 Fri, 08 Nov 2024 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398343 The ITAT upheld the CIT(A)'s decision to delete the penalty of Rs. 554,621,230 imposed under Section 271(1)(C) of the Income Tax Act, 1961, due to the AO's failure to specify the exact charge of either concealment of income or furnishing inaccurate particulars. The tribunal emphasized that a non-specific penalty notice is legally invalid, relying on jurisdictional High Court precedents. Consequently, the AO's appeal was dismissed, affirming the penalty's deletion. Various additions and disallowances were addressed, with several deletions confirmed by the coordinate bench and pending matters before the Delhi HC. The order was pronounced on 10-09-2020. Case-Laws Income Tax Thu, 10 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398343