https://www.taxtmi.com/caselaws?id=431220 The Tribunal dismissed the Revenue's appeal against the deletion of a penalty imposed on the assessee for disallowance of prior period expenses under section 271(1)(c) of the Income Tax Act. The Tribunal held that the penalty could not be sustained due to the defective notices issued for penalty proceedings, which lacked specificity regarding the grounds for the penalty. Emphasizing the necessity of clear and specific notices in penalty proceedings, the Tribunal ruled that the lack of specificity rendered the penalty unsustainable, resulting in the dismissal of the Revenue's appeal. en-us Tue, 06 Dec 2022 00:00:00 +0530 Wed, 07 Dec 2022 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431220 The Tribunal dismissed the Revenue's appeal against the deletion of a penalty imposed on the assessee for disallowance of prior period expenses under section 271(1)(c) of the Income Tax Act. The Tribunal held that the penalty could not be sustained due to the defective notices issued for penalty proceedings, which lacked specificity regarding the grounds for the penalty. Emphasizing the necessity of clear and specific notices in penalty proceedings, the Tribunal ruled that the lack of specificity rendered the penalty unsustainable, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 06 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431220