https://www.taxtmi.com/caselaws?id=304965 The Tribunal set aside the penalty of Rs. 25,09,949/- imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961, due to deficiencies in the penalty notice. The Tribunal held that the notice did not clearly specify whether the penalty was for concealing income or furnishing inaccurate particulars, contravening legal standards. As a result, the appeal was allowed in favor of the appellant, with the Tribunal ruling the penalty notice invalid and pronouncing the order on 28/11/2016. en-us Mon, 28 Nov 2016 00:00:00 +0530 Wed, 09 Nov 2022 08:00:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304965 The Tribunal set aside the penalty of Rs. 25,09,949/- imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961, due to deficiencies in the penalty notice. The Tribunal held that the notice did not clearly specify whether the penalty was for concealing income or furnishing inaccurate particulars, contravening legal standards. As a result, the appeal was allowed in favor of the appellant, with the Tribunal ruling the penalty notice invalid and pronouncing the order on 28/11/2016. Case-Laws Income Tax Mon, 28 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304965