https://www.taxtmi.com/caselaws?id=759884 The ITAT allowed the appeal against the penalty levied under section 271(1)(c) of the Income Tax Act, 1961, for Rs. 5,28,234, due to procedural non-compliance. The Tribunal found the penalty notice defective as it failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars, rendering it null and void. Consequently, the Tribunal directed the Assessing Officer to delete the penalty, aligning with the Jurisdictional High Court's Full Bench decision, emphasizing adherence to procedural requirements in penalty proceedings. en-us Mon, 07 Oct 2024 00:00:00 +0530 Wed, 09 Oct 2024 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759884 The ITAT allowed the appeal against the penalty levied under section 271(1)(c) of the Income Tax Act, 1961, for Rs. 5,28,234, due to procedural non-compliance. The Tribunal found the penalty notice defective as it failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars, rendering it null and void. Consequently, the Tribunal directed the Assessing Officer to delete the penalty, aligning with the Jurisdictional High Court's Full Bench decision, emphasizing adherence to procedural requirements in penalty proceedings. Case-Laws Income Tax Mon, 07 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759884