https://www.taxtmi.com/caselaws?id=409038 The Tribunal allowed the appeal, directing the AO to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the ambiguity in the notice issued under Section 274, lack of specific findings in the assessment order, and the bona fide nature of the assessee's claim for exemption under Section 54. The Tribunal emphasized the necessity of clear and specific charges in penalty proceedings and upheld that penalties cannot be imposed solely based on confirmed additions to income. en-us Mon, 31 May 2021 00:00:00 +0530 Fri, 25 Jun 2021 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409038 The Tribunal allowed the appeal, directing the AO to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the ambiguity in the notice issued under Section 274, lack of specific findings in the assessment order, and the bona fide nature of the assessee's claim for exemption under Section 54. The Tribunal emphasized the necessity of clear and specific charges in penalty proceedings and upheld that penalties cannot be imposed solely based on confirmed additions to income. Case-Laws Income Tax Mon, 31 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409038