https://www.taxtmi.com/caselaws?id=309267 The Tribunal allowed both appeals of the assessee, quashing the penalties imposed by the AO under Sec. 271(1)(c) of the Income Tax Act for the assessment years 2008-09 and 2010-11. The Tribunal held that the AO's failure to specify the default and imposition of penalty for both 'concealment of income' and 'furnishing of inaccurate particulars of income' without differentiation rendered the penalties invalid. The decision was based on the improper imposition of penalties for distinct defaults without proper differentiation, leading to the penalties being set aside for both assessment years. en-us Fri, 23 Sep 2022 00:00:00 +0530 Mon, 21 Aug 2023 22:13:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309267 The Tribunal allowed both appeals of the assessee, quashing the penalties imposed by the AO under Sec. 271(1)(c) of the Income Tax Act for the assessment years 2008-09 and 2010-11. The Tribunal held that the AO's failure to specify the default and imposition of penalty for both 'concealment of income' and 'furnishing of inaccurate particulars of income' without differentiation rendered the penalties invalid. The decision was based on the improper imposition of penalties for distinct defaults without proper differentiation, leading to the penalties being set aside for both assessment years. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309267