https://www.taxtmi.com/caselaws?id=413369 The High Court set aside the Tribunal's order confirming the penalty imposed under Section 271(1)(c) of the Income Tax Act for assessment years 2003-04 and 2004-05. The Court found the notices issued by the Assessing Officer to be defective as they did not clearly specify the grounds for the penalty imposition, violating principles of natural justice. Emphasizing the importance of specific grounds for penalty initiation, the Court held that the penalty proceedings were vitiated by the defective notices. As a result, the appeal was allowed in favor of the Assessee, with no costs awarded. en-us Wed, 08 Sep 2021 00:00:00 +0530 Sat, 09 Oct 2021 08:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413369 The High Court set aside the Tribunal's order confirming the penalty imposed under Section 271(1)(c) of the Income Tax Act for assessment years 2003-04 and 2004-05. The Court found the notices issued by the Assessing Officer to be defective as they did not clearly specify the grounds for the penalty imposition, violating principles of natural justice. Emphasizing the importance of specific grounds for penalty initiation, the Court held that the penalty proceedings were vitiated by the defective notices. As a result, the appeal was allowed in favor of the Assessee, with no costs awarded. Case-Laws Income Tax Wed, 08 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413369