https://www.taxtmi.com/caselaws?id=425079 The penalty under Section 271(1)(c) of the Income Tax Act for assessment years 2000-01 to 2003-04 was appealed. The Hon'ble Bombay High Court (Full Bench at Goa) emphasized the necessity of a specific notice for penalty initiation. The court quashed the penalty order due to the defective notice, ruling in favor of the assessee. The decision highlighted that penalty proceedings must be based on clear and specific grounds, ensuring the assessee's rights are not prejudiced. en-us Wed, 13 Jul 2022 00:00:00 +0530 Thu, 14 Jul 2022 18:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425079 The penalty under Section 271(1)(c) of the Income Tax Act for assessment years 2000-01 to 2003-04 was appealed. The Hon'ble Bombay High Court (Full Bench at Goa) emphasized the necessity of a specific notice for penalty initiation. The court quashed the penalty order due to the defective notice, ruling in favor of the assessee. The decision highlighted that penalty proceedings must be based on clear and specific grounds, ensuring the assessee's rights are not prejudiced. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425079