https://www.taxtmi.com/caselaws?id=308521 The Tribunal annulled the penalty imposed under section 271(1)(c) for the addition of unsecured loans to total income during the financial year 2003-04. Emphasizing the importance of a notice specifying the grounds for penalty imposition, the Tribunal followed precedents from various High Courts and ruled in favor of the assessee, citing the necessity for clarity in penalty proceedings. The Tribunal's decision aligned with principles established by the jurisdictional High Court, leading to the cancellation of the penalty. en-us Tue, 28 Jun 2022 00:00:00 +0530 Fri, 30 Jun 2023 21:33:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308521 The Tribunal annulled the penalty imposed under section 271(1)(c) for the addition of unsecured loans to total income during the financial year 2003-04. Emphasizing the importance of a notice specifying the grounds for penalty imposition, the Tribunal followed precedents from various High Courts and ruled in favor of the assessee, citing the necessity for clarity in penalty proceedings. The Tribunal's decision aligned with principles established by the jurisdictional High Court, leading to the cancellation of the penalty. Case-Laws Income Tax Tue, 28 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308521