https://www.taxtmi.com/caselaws?id=399300 The Tribunal ruled in favor of the Assessee, setting aside the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The Tribunal held that the penalty was unjustified due to the lack of specificity in the notice issued by the Assessing Officer, which failed to specify the grounds for penalty initiation. Emphasizing the importance of clearly stating the basis for penalty imposition, the Tribunal cited legal precedents and canceled the penalty, allowing the Assessee's appeal. en-us Tue, 16 Jun 2020 00:00:00 +0530 Thu, 08 Oct 2020 11:44:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399300 The Tribunal ruled in favor of the Assessee, setting aside the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The Tribunal held that the penalty was unjustified due to the lack of specificity in the notice issued by the Assessing Officer, which failed to specify the grounds for penalty initiation. Emphasizing the importance of clearly stating the basis for penalty imposition, the Tribunal cited legal precedents and canceled the penalty, allowing the Assessee's appeal. Case-Laws Income Tax Tue, 16 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399300