https://www.taxtmi.com/caselaws?id=754820 The ITAT allowed the assessee's appeal, deleting the penalty of Rs. 18,80,120 under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 2011-12. The Tribunal found the penalty unsustainable as the basis for it ceased to exist after the quantum proceedings deleted the additions. The judgment underscored the necessity for independent reasoning in penalty proceedings and the requirement for clear specification of offenses in penalty notices to uphold natural justice principles. en-us Fri, 28 Jun 2024 00:00:00 +0530 Mon, 01 Jul 2024 08:32:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754820 The ITAT allowed the assessee's appeal, deleting the penalty of Rs. 18,80,120 under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 2011-12. The Tribunal found the penalty unsustainable as the basis for it ceased to exist after the quantum proceedings deleted the additions. The judgment underscored the necessity for independent reasoning in penalty proceedings and the requirement for clear specification of offenses in penalty notices to uphold natural justice principles. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754820