https://www.taxtmi.com/caselaws?id=424774 The Tribunal set aside the penalty order imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to ambiguity in the penalty notice and lack of clarity on the basis for initiating penalty proceedings. The Tribunal emphasized the importance of specifying the exact basis for penalty imposition, citing relevant judicial precedents. As a result, the penalty order was deemed void ab initio, and the Assessee's grounds were sustained, leading to the setting aside of the penalty order and confirming the order of the CIT(A). en-us Wed, 06 Jul 2022 00:00:00 +0530 Thu, 07 Jul 2022 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424774 The Tribunal set aside the penalty order imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to ambiguity in the penalty notice and lack of clarity on the basis for initiating penalty proceedings. The Tribunal emphasized the importance of specifying the exact basis for penalty imposition, citing relevant judicial precedents. As a result, the penalty order was deemed void ab initio, and the Assessee's grounds were sustained, leading to the setting aside of the penalty order and confirming the order of the CIT(A). Case-Laws Income Tax Wed, 06 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424774