https://www.taxtmi.com/caselaws?id=407709 The Tribunal ruled in favor of the assessee, directing the deletion of penalties for the assessment years 2009-10 and 2011-12. The penalties imposed under section 271(1)(c) were found invalid due to the incorrect charge specified in the notice u/s 274, which mentioned inaccurate particulars of income instead of the actual reasons for penalty imposition. The Tribunal emphasized that penalties imposed without specifying the correct charge in the notice are vitiated, following legal precedents from the Bombay High Court and Supreme Court. en-us Tue, 18 May 2021 00:00:00 +0530 Wed, 19 May 2021 08:39:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407709 The Tribunal ruled in favor of the assessee, directing the deletion of penalties for the assessment years 2009-10 and 2011-12. The penalties imposed under section 271(1)(c) were found invalid due to the incorrect charge specified in the notice u/s 274, which mentioned inaccurate particulars of income instead of the actual reasons for penalty imposition. The Tribunal emphasized that penalties imposed without specifying the correct charge in the notice are vitiated, following legal precedents from the Bombay High Court and Supreme Court. Case-Laws Income Tax Tue, 18 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407709