https://www.taxtmi.com/caselaws?id=421645 The court allowed the appeal of the assessee, quashing the penalty imposed under section 271(1)(c) of the Income-tax Act. It emphasized the necessity for the assessing officer to clearly specify the nature of the charge in the notice, either for concealment of income or furnishing inaccurate particulars. Due to the lack of specificity in the notice and the absence of any basis for alleging concealment or inaccuracies in the returned income, the court ruled in favor of the assessee, highlighting the importance of procedural fairness and adherence to legal requirements in penalty proceedings. en-us Wed, 20 Apr 2022 00:00:00 +0530 Fri, 29 Apr 2022 08:18:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421645 The court allowed the appeal of the assessee, quashing the penalty imposed under section 271(1)(c) of the Income-tax Act. It emphasized the necessity for the assessing officer to clearly specify the nature of the charge in the notice, either for concealment of income or furnishing inaccurate particulars. Due to the lack of specificity in the notice and the absence of any basis for alleging concealment or inaccuracies in the returned income, the court ruled in favor of the assessee, highlighting the importance of procedural fairness and adherence to legal requirements in penalty proceedings. Case-Laws Income Tax Wed, 20 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421645