https://www.taxtmi.com/caselaws?id=411386 The Tribunal held that the penalty proceedings were unsustainable due to a vague notice issued by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal also found no justification for the penalty based on the erroneous invocation of Explanation 7 without conscious suppression by the assessee. Consequently, the appeal was allowed, directing the deletion of the penalty amount. en-us Mon, 23 Aug 2021 00:00:00 +0530 Tue, 24 Aug 2021 08:15:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411386 The Tribunal held that the penalty proceedings were unsustainable due to a vague notice issued by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal also found no justification for the penalty based on the erroneous invocation of Explanation 7 without conscious suppression by the assessee. Consequently, the appeal was allowed, directing the deletion of the penalty amount. Case-Laws Income Tax Mon, 23 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411386