https://www.taxtmi.com/caselaws?id=442704 The Tribunal allowed the appeal of the assessee, quashing the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The penalty was invalidated due to the Assessing Officer's failure to specify the exact nature of the default in the Show Cause Notice, violating the statutory mandate of Section 274(1) of the Act. Other grounds of appeal were not adjudicated as the penalty was quashed on jurisdictional grounds. en-us Mon, 04 Sep 2023 00:00:00 +0530 Fri, 08 Sep 2023 09:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442704 The Tribunal allowed the appeal of the assessee, quashing the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The penalty was invalidated due to the Assessing Officer's failure to specify the exact nature of the default in the Show Cause Notice, violating the statutory mandate of Section 274(1) of the Act. Other grounds of appeal were not adjudicated as the penalty was quashed on jurisdictional grounds. Case-Laws Income Tax Mon, 04 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442704