https://www.taxtmi.com/caselaws?id=295632 The Tribunal canceled the penalty of Rs. 7,34,685 imposed under section 271(1)(c) of the Income Tax Act on the assessee's bank account cash deposits. The Tribunal found the penalty order lacked specificity on whether it was for concealment of income or furnishing inaccurate particulars, as mandated by law. Emphasizing the need for a clear finding on the nature of the breach, the Tribunal ruled in favor of the appellant, highlighting procedural requirements for penalty imposition. en-us Thu, 14 Nov 2019 00:00:00 +0530 Sat, 12 Jun 2021 08:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295632 The Tribunal canceled the penalty of Rs. 7,34,685 imposed under section 271(1)(c) of the Income Tax Act on the assessee's bank account cash deposits. The Tribunal found the penalty order lacked specificity on whether it was for concealment of income or furnishing inaccurate particulars, as mandated by law. Emphasizing the need for a clear finding on the nature of the breach, the Tribunal ruled in favor of the appellant, highlighting procedural requirements for penalty imposition. Case-Laws Income Tax Thu, 14 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295632