https://www.taxtmi.com/caselaws?id=307413 The Tribunal held that the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs.2,55,49,021/- was unsustainable due to the defective show cause notice issued under Section 274. The lack of specificity in the notice regarding the charge against the assessee rendered the penalty proceedings invalid. Consequently, the penalty was deleted, and the appeal of the assessee was allowed. en-us Wed, 28 Feb 2018 00:00:00 +0530 Wed, 12 Apr 2023 21:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307413 The Tribunal held that the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs.2,55,49,021/- was unsustainable due to the defective show cause notice issued under Section 274. The lack of specificity in the notice regarding the charge against the assessee rendered the penalty proceedings invalid. Consequently, the penalty was deleted, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307413