https://www.taxtmi.com/caselaws?id=444080 The Tribunal overturned the penalty imposed by the CIT(A) under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2014-15. The Tribunal found that the penalty order was unsustainable as it was based on both concealment and furnishing inaccurate particulars of income, whereas the specific charge in the penalty notice was only for furnishing inaccurate particulars. Emphasizing the need for a clear and specific charge in the penalty notice, the Tribunal allowed the appeal, setting aside the penalty imposed on the assessee. en-us Fri, 06 Oct 2023 00:00:00 +0530 Mon, 09 Oct 2023 08:41:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444080 The Tribunal overturned the penalty imposed by the CIT(A) under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2014-15. The Tribunal found that the penalty order was unsustainable as it was based on both concealment and furnishing inaccurate particulars of income, whereas the specific charge in the penalty notice was only for furnishing inaccurate particulars. Emphasizing the need for a clear and specific charge in the penalty notice, the Tribunal allowed the appeal, setting aside the penalty imposed on the assessee. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444080