https://www.taxtmi.com/caselaws?id=414544 The Tribunal upheld the CIT(A)'s decision to delete penalties amounting to Rs. 1,00,00,000/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the penalty notices were non-specific and invalid, as they did not clearly specify the charges of concealment of income or furnishing inaccurate particulars of income. Relying on legal precedents, the Tribunal concluded that penalties based on such vague notices are illegal and bad in law. Consequently, the Revenue's appeals were dismissed, and the assessee's cross-objections were also deemed infructuous and dismissed. en-us Tue, 02 Nov 2021 00:00:00 +0530 Mon, 27 Jun 2022 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414544 The Tribunal upheld the CIT(A)'s decision to delete penalties amounting to Rs. 1,00,00,000/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the penalty notices were non-specific and invalid, as they did not clearly specify the charges of concealment of income or furnishing inaccurate particulars of income. Relying on legal precedents, the Tribunal concluded that penalties based on such vague notices are illegal and bad in law. Consequently, the Revenue's appeals were dismissed, and the assessee's cross-objections were also deemed infructuous and dismissed. Case-Laws Income Tax Tue, 02 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414544