https://www.taxtmi.com/caselaws?id=447082 The appeal challenging the penalty order under section 271(1)(c) of the Income Tax Act, 1961, was allowed. The HC quashed the penalty order due to the lack of specificity in the penalty notice, as the Assessing Officer (AO) failed to clearly specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The court cited a relevant decision indicating that failure to strike off irrelevant charges in the notice invalidates the penalty proceedings. As a result, the penalty imposed on the assessee for the assessment year 2010-11 was set aside. en-us Fri, 15 Dec 2023 00:00:00 +0530 Sat, 16 Dec 2023 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447082 The appeal challenging the penalty order under section 271(1)(c) of the Income Tax Act, 1961, was allowed. The HC quashed the penalty order due to the lack of specificity in the penalty notice, as the Assessing Officer (AO) failed to clearly specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The court cited a relevant decision indicating that failure to strike off irrelevant charges in the notice invalidates the penalty proceedings. As a result, the penalty imposed on the assessee for the assessment year 2010-11 was set aside. Case-Laws Income Tax Fri, 15 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447082