https://www.taxtmi.com/caselaws?id=441701 The High Court upheld the Tribunal's decision, ruling that there was no concealment of income by the respondent/assessee and the penalty notice lacked specificity on the grounds for penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961. The Court emphasized the importance of specifying the exact grounds for penalty and referenced previous judgments in support. Consequently, the Court declined to interfere with the Tribunal's order, finding no substantial question of law to consider, and closed the appeal along with pending applications. en-us Mon, 31 Jul 2023 00:00:00 +0530 Mon, 14 Aug 2023 09:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=441701 The High Court upheld the Tribunal's decision, ruling that there was no concealment of income by the respondent/assessee and the penalty notice lacked specificity on the grounds for penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961. The Court emphasized the importance of specifying the exact grounds for penalty and referenced previous judgments in support. Consequently, the Court declined to interfere with the Tribunal's order, finding no substantial question of law to consider, and closed the appeal along with pending applications. Case-Laws Income Tax Mon, 31 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=441701