https://www.taxtmi.com/caselaws?id=410345 The ITAT allowed the appeal of the assessee, setting aside the penalty of Rs. 9,27,000 imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that the penalty order was invalid due to the lack of specificity in the show cause notice issued by the AO, as required by Section 274 of the Act. Emphasizing the importance of a valid and specific notice in penalty proceedings, the ITAT stressed the need for procedural compliance and clarity in communicating grounds for penalties to ensure fair proceedings. en-us Fri, 23 Jul 2021 00:00:00 +0530 Thu, 29 Jul 2021 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410345 The ITAT allowed the appeal of the assessee, setting aside the penalty of Rs. 9,27,000 imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that the penalty order was invalid due to the lack of specificity in the show cause notice issued by the AO, as required by Section 274 of the Act. Emphasizing the importance of a valid and specific notice in penalty proceedings, the ITAT stressed the need for procedural compliance and clarity in communicating grounds for penalties to ensure fair proceedings. Case-Laws Income Tax Fri, 23 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410345