https://www.taxtmi.com/caselaws?id=417180 The Tribunal quashed the penalty orders imposed under Section 271(1)(c) of the Income Tax Act, 1961 in two appeals. The penalty notices were deemed defective as they did not specify the exact nature of the default, violating judicial precedents requiring clarity on whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal found the lack of specificity in the notices indicated a lack of application of mind and satisfaction, leading to the penalties being set aside. en-us Fri, 07 Jan 2022 00:00:00 +0530 Mon, 17 Jan 2022 08:58:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417180 The Tribunal quashed the penalty orders imposed under Section 271(1)(c) of the Income Tax Act, 1961 in two appeals. The penalty notices were deemed defective as they did not specify the exact nature of the default, violating judicial precedents requiring clarity on whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal found the lack of specificity in the notices indicated a lack of application of mind and satisfaction, leading to the penalties being set aside. Case-Laws Income Tax Fri, 07 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417180