https://www.taxtmi.com/caselaws?id=61306 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 34,100 imposed under section 271(1)(c) of the IT Act, 1961, for the assessment year 1975-76. The Tribunal found that the show cause notice issued to the assessee did not provide a proper opportunity as required by section 274(1). It concluded that the notice regarding the cash credits did not initiate penalty proceedings, and the subsequent notice lacked sufficient opportunity for the assessee. The Tribunal dismissed the Revenue's appeal, emphasizing the time-barred nature of the penalty proceedings and the lack of proper opportunity granted to the assessee. en-us Fri, 23 Mar 1984 00:00:00 +0530 Wed, 12 Jan 2011 11:36:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61306 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 34,100 imposed under section 271(1)(c) of the IT Act, 1961, for the assessment year 1975-76. The Tribunal found that the show cause notice issued to the assessee did not provide a proper opportunity as required by section 274(1). It concluded that the notice regarding the cash credits did not initiate penalty proceedings, and the subsequent notice lacked sufficient opportunity for the assessee. The Tribunal dismissed the Revenue's appeal, emphasizing the time-barred nature of the penalty proceedings and the lack of proper opportunity granted to the assessee. Case-Laws Income Tax Fri, 23 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61306