https://www.taxtmi.com/caselaws?id=433779 The Tribunal allowed the appeal and removed the penalty imposed under section 271AAB of the Income Tax Act due to a defective penalty notice. The penalty was initially reduced from 30% to 10% by the CIT(A), but the assessee argued against its justification. The Tribunal emphasized the importance of specifying the clause for penalty imposition and followed a previous decision where penalties were deleted due to invalid penalty notices. The appeal was allowed, and the penalty was quashed, aligning with established legal principles and maintaining consistency in legal interpretation. en-us Mon, 16 Jan 2023 00:00:00 +0530 Wed, 08 Feb 2023 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433779 The Tribunal allowed the appeal and removed the penalty imposed under section 271AAB of the Income Tax Act due to a defective penalty notice. The penalty was initially reduced from 30% to 10% by the CIT(A), but the assessee argued against its justification. The Tribunal emphasized the importance of specifying the clause for penalty imposition and followed a previous decision where penalties were deleted due to invalid penalty notices. The appeal was allowed, and the penalty was quashed, aligning with established legal principles and maintaining consistency in legal interpretation. Case-Laws Income Tax Mon, 16 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433779