https://www.taxtmi.com/caselaws?id=433467 The ITAT set aside the CIT(A)'s decision and allowed the appeal in favor of the assessee, a Non-Banking Financial Company. The ITAT ruled that the penalty notice issued by the AO under section 271(1)(c) of the Income Tax Act was invalid as it did not clearly specify the grounds for the penalty, emphasizing the importance of procedural compliance in penalty proceedings. This outcome highlights the significance of proper notice requirements in penalty imposition cases. en-us Wed, 11 Jan 2023 00:00:00 +0530 Mon, 30 Jan 2023 17:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433467 The ITAT set aside the CIT(A)'s decision and allowed the appeal in favor of the assessee, a Non-Banking Financial Company. The ITAT ruled that the penalty notice issued by the AO under section 271(1)(c) of the Income Tax Act was invalid as it did not clearly specify the grounds for the penalty, emphasizing the importance of procedural compliance in penalty proceedings. This outcome highlights the significance of proper notice requirements in penalty imposition cases. Case-Laws Income Tax Wed, 11 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433467