https://www.taxtmi.com/caselaws?id=410757 The Tribunal allowed the appeal in favor of the assessee, quashing the penalty proceedings under Section 271(1)(c) due to the invalidity of the penalty notice and the unjustified nature of the penalty itself. The Tribunal found that the penalty notice did not clearly specify the charge, rendering it invalid. Additionally, as the additions were based on estimations of unverifiable purchases and not concrete evidence of concealment or inaccurate particulars, the penalty was deemed unjustified. en-us Fri, 30 Jul 2021 00:00:00 +0530 Sat, 07 Aug 2021 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410757 The Tribunal allowed the appeal in favor of the assessee, quashing the penalty proceedings under Section 271(1)(c) due to the invalidity of the penalty notice and the unjustified nature of the penalty itself. The Tribunal found that the penalty notice did not clearly specify the charge, rendering it invalid. Additionally, as the additions were based on estimations of unverifiable purchases and not concrete evidence of concealment or inaccurate particulars, the penalty was deemed unjustified. Case-Laws Income Tax Fri, 30 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410757