https://www.taxtmi.com/caselaws?id=299579 The Tribunal found the penalty imposed under section 271(1)(c) of the Income Tax Act unsustainable due to a defective notice. The penalty of Rs. 44,17,390, representing 100% of the tax, was canceled as the notice failed to specify the nature of the offense. The Tribunal emphasized the necessity of specific charges in penalty notices and distinguished penalty proceedings from assessment proceedings. Consequently, the appeal by the assessee was allowed, highlighting the importance of procedural compliance in penalty imposition. en-us Wed, 03 Aug 2016 00:00:00 +0530 Tue, 21 Dec 2021 19:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299579 The Tribunal found the penalty imposed under section 271(1)(c) of the Income Tax Act unsustainable due to a defective notice. The penalty of Rs. 44,17,390, representing 100% of the tax, was canceled as the notice failed to specify the nature of the offense. The Tribunal emphasized the necessity of specific charges in penalty notices and distinguished penalty proceedings from assessment proceedings. Consequently, the appeal by the assessee was allowed, highlighting the importance of procedural compliance in penalty imposition. Case-Laws Income Tax Wed, 03 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299579