Assessee filed its return of income declaring certain loss.  Assessing Officer disallowed claim of loss and made addition to income of assessee. He also initiated penalty proceedings under section 271(1)(c) for furnishing inaccurate particulars of income. Tribunal deleted penalty holding that penalty notice was vague as there was no specific charge for initiation of penalty proceedings which assessee could explain. On appeal the Court held that  Tribunal rightly held that levy of penalty under section 271(1)(c) in case of assessee was not valid. (AY. 2015-16)