https://www.taxtmi.com/caselaws?id=425241 The Tribunal allowed the appeals of the assessee, finding that the penalty orders under section 271(1)(c) of the Income-tax Act for alleged issuance of bogus bills and involvement in steel markets were invalid. The Assessing Officer's failure to specify grounds for penalty initiation in the show cause notice rendered it defective, leading to the penalties being quashed for all assessment years in question. The Tribunal emphasized the importance of providing clear grounds for penalty proceedings to uphold fairness and legal principles. en-us Fri, 15 Jul 2022 00:00:00 +0530 Tue, 19 Jul 2022 09:22:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425241 The Tribunal allowed the appeals of the assessee, finding that the penalty orders under section 271(1)(c) of the Income-tax Act for alleged issuance of bogus bills and involvement in steel markets were invalid. The Assessing Officer's failure to specify grounds for penalty initiation in the show cause notice rendered it defective, leading to the penalties being quashed for all assessment years in question. The Tribunal emphasized the importance of providing clear grounds for penalty proceedings to uphold fairness and legal principles. Case-Laws Income Tax Fri, 15 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425241