https://www.taxtmi.com/caselaws?id=407808 The Tribunal allowed the appeal, ruling in favor of the appellant due to the penalty notice's failure to correctly specify the charge under section 271(1)(c) of the Income-tax Act, 1961. The penalty order was deemed invalid as it referred to both limbs of the provision, whereas the penalty was applicable only for furnishing inaccurate particulars of income. Following legal precedents, the Tribunal overturned the penalty of Rs. 31,42,000 and directed its deletion, emphasizing the necessity of procedural compliance and accurate charge specification in penalty notices to maintain the validity of penalty orders. en-us Mon, 17 May 2021 00:00:00 +0530 Sat, 22 May 2021 08:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407808 The Tribunal allowed the appeal, ruling in favor of the appellant due to the penalty notice's failure to correctly specify the charge under section 271(1)(c) of the Income-tax Act, 1961. The penalty order was deemed invalid as it referred to both limbs of the provision, whereas the penalty was applicable only for furnishing inaccurate particulars of income. Following legal precedents, the Tribunal overturned the penalty of Rs. 31,42,000 and directed its deletion, emphasizing the necessity of procedural compliance and accurate charge specification in penalty notices to maintain the validity of penalty orders. Case-Laws Income Tax Mon, 17 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407808