https://www.taxtmi.com/caselaws?id=438250 The Tribunal allowed the assessee's appeals against the CIT(A) order, ruling in favor of the assessee on the levy of penalty under section 271(1)(c). The Tribunal held that the penalty notice was invalid as it did not specify the grounds for penalty, rendering the penalty proceedings unnecessary. The Tribunal emphasized the importance of a specific notice under section 274 detailing the grounds for penalty, citing relevant case law. Consequently, the penalty imposed on the assessee was set aside, and both appeals were allowed. en-us Tue, 23 May 2023 00:00:00 +0530 Fri, 26 May 2023 08:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438250 The Tribunal allowed the assessee's appeals against the CIT(A) order, ruling in favor of the assessee on the levy of penalty under section 271(1)(c). The Tribunal held that the penalty notice was invalid as it did not specify the grounds for penalty, rendering the penalty proceedings unnecessary. The Tribunal emphasized the importance of a specific notice under section 274 detailing the grounds for penalty, citing relevant case law. Consequently, the penalty imposed on the assessee was set aside, and both appeals were allowed. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438250