https://www.taxtmi.com/caselaws?id=419429 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 without specifying the guilt for concealment of income or furnishing inaccurate particulars of income was unsustainable. The Tribunal emphasized the necessity for the Assessing Authority to make a definite finding on the specific charge before imposing penalties. As the penalty order lacked clarity on the alleged offense, it was deemed invalid in accordance with the law. Consequently, the penalty was revoked, and the assessee's appeal was granted. en-us Mon, 28 Feb 2022 00:00:00 +0530 Thu, 10 Mar 2022 11:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419429 The Tribunal ruled in favor of the assessee, holding that the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961 without specifying the guilt for concealment of income or furnishing inaccurate particulars of income was unsustainable. The Tribunal emphasized the necessity for the Assessing Authority to make a definite finding on the specific charge before imposing penalties. As the penalty order lacked clarity on the alleged offense, it was deemed invalid in accordance with the law. Consequently, the penalty was revoked, and the assessee's appeal was granted. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419429