https://www.taxtmi.com/caselaws?id=406550 The Tribunal upheld the deletion of the penalty amounting to Rs. 1,43,45,000/- imposed under Section 271(1)(c) of the Income Tax Act by the Commissioner of Income Tax (Appeals). The penalty was deleted as no incriminating material was found during the search, and the assessee voluntarily offered the additional income for tax. The Tribunal emphasized that penalty proceedings must adhere to legal requirements, including the issuance of a proper show cause notice specifying the charge. The appeal of the Revenue was dismissed on 08.03.2021. en-us Wed, 03 Mar 2021 00:00:00 +0530 Thu, 15 Apr 2021 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406550 The Tribunal upheld the deletion of the penalty amounting to Rs. 1,43,45,000/- imposed under Section 271(1)(c) of the Income Tax Act by the Commissioner of Income Tax (Appeals). The penalty was deleted as no incriminating material was found during the search, and the assessee voluntarily offered the additional income for tax. The Tribunal emphasized that penalty proceedings must adhere to legal requirements, including the issuance of a proper show cause notice specifying the charge. The appeal of the Revenue was dismissed on 08.03.2021. Case-Laws Income Tax Wed, 03 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406550