https://www.taxtmi.com/caselaws?id=445234 The ITAT Pune allowed the assessee's appeal, revoking the penalty of Rs. 1,24,557/- imposed under section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 1998-1999. The tribunal found that the Assessing Officer's failure to specify whether the assessee had concealed income or furnished inaccurate particulars in the show cause notice invalidated the penalty proceedings. The decision was based on a recent Full Bench ruling, and the penalty was deleted on this ground. The order was pronounced on 01.11.2023. en-us Wed, 01 Nov 2023 00:00:00 +0530 Fri, 03 Nov 2023 08:21:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445234 The ITAT Pune allowed the assessee's appeal, revoking the penalty of Rs. 1,24,557/- imposed under section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 1998-1999. The tribunal found that the Assessing Officer's failure to specify whether the assessee had concealed income or furnished inaccurate particulars in the show cause notice invalidated the penalty proceedings. The decision was based on a recent Full Bench ruling, and the penalty was deleted on this ground. The order was pronounced on 01.11.2023. Case-Laws Income Tax Wed, 01 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445234