https://www.taxtmi.com/caselaws?id=400718 The Tribunal quashed the penalties imposed under Section 271AAB in both cases due to defective penalty notices that lacked specificity in stating the charges against the assessees. The decision was in line with previous rulings and legal precedents, including the need for clear grounds in penalty notices. As a result, the penalties were deemed invalid, and the appeals by the assessees were allowed. The Tribunal did not delve into the merits of the case as the penalties were overturned on legal grounds. en-us Thu, 22 Oct 2020 00:00:00 +0530 Mon, 16 Nov 2020 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400718 The Tribunal quashed the penalties imposed under Section 271AAB in both cases due to defective penalty notices that lacked specificity in stating the charges against the assessees. The decision was in line with previous rulings and legal precedents, including the need for clear grounds in penalty notices. As a result, the penalties were deemed invalid, and the appeals by the assessees were allowed. The Tribunal did not delve into the merits of the case as the penalties were overturned on legal grounds. Case-Laws Income Tax Thu, 22 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400718