https://www.taxtmi.com/caselaws?id=309496 The Appellate Tribunal ITAT Raipur ruled in favor of the assessees, setting aside the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the notices issued by the Assessing Officer did not clearly specify the nature of default, rendering the penalty proceedings flawed. Emphasizing the necessity of precise grounds for penalty imposition, the Tribunal revoked all penalties, highlighting the importance of adherence to legal requirements in initiating penalty proceedings. en-us Thu, 09 Aug 2018 00:00:00 +0530 Wed, 06 Sep 2023 08:52:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309496 The Appellate Tribunal ITAT Raipur ruled in favor of the assessees, setting aside the penalties imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the notices issued by the Assessing Officer did not clearly specify the nature of default, rendering the penalty proceedings flawed. Emphasizing the necessity of precise grounds for penalty imposition, the Tribunal revoked all penalties, highlighting the importance of adherence to legal requirements in initiating penalty proceedings. Case-Laws Income Tax Thu, 09 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309496