https://www.taxtmi.com/caselaws?id=757479 The ITAT Chennai upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act due to the lack of a specific charge in the penalty notice issued by the AO. The ITAT confirmed that without specifying whether the penalty was for concealment of income or furnishing inaccurate particulars, the penalty was invalid. The Revenue's appeal was dismissed, affirming the necessity of clear and specific charges in penalty proceedings, in line with precedents set by higher courts. en-us Fri, 23 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:18:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757479 The ITAT Chennai upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income Tax Act due to the lack of a specific charge in the penalty notice issued by the AO. The ITAT confirmed that without specifying whether the penalty was for concealment of income or furnishing inaccurate particulars, the penalty was invalid. The Revenue's appeal was dismissed, affirming the necessity of clear and specific charges in penalty proceedings, in line with precedents set by higher courts. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757479