https://www.taxtmi.com/caselaws?id=407015 The High Court upheld the Tribunal's decision to vacate the penalty under Section 271AAB, emphasizing the importance of adherence to procedural requirements in penalty proceedings. The Court found the notice defective, denying the assessee a reasonable opportunity to respond effectively to the proposed penalty, rendering the penalty imposition invalid. The Court dismissed the tax case appeals, supporting the Tribunal's decision and confirming that penalties must be based on clear and specific grounds as per the Income Tax Act. en-us Tue, 30 Mar 2021 00:00:00 +0530 Wed, 28 Apr 2021 11:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407015 The High Court upheld the Tribunal's decision to vacate the penalty under Section 271AAB, emphasizing the importance of adherence to procedural requirements in penalty proceedings. The Court found the notice defective, denying the assessee a reasonable opportunity to respond effectively to the proposed penalty, rendering the penalty imposition invalid. The Court dismissed the tax case appeals, supporting the Tribunal's decision and confirming that penalties must be based on clear and specific grounds as per the Income Tax Act. Case-Laws Income Tax Tue, 30 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407015