Appeal allowed against penalty under section 271(1)(c) for assessment year 2001-02

The Appellate Tribunal ITAT, Ahmedabad allowed the assessee's appeal against a penalty of Rs.5,50,485 imposed under section 271(1)(c) of the I.T. Act for assessment year 2001-02. The penalty was deleted as the addition of Rs.15.15 lacs, on which the penalty was based, was already deleted by the Tribunal in quantum proceedings.

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The Appellate Tribunal ITAT, Ahmedabad allowed the assessee's appeal against a penalty of Rs.5,50,485 imposed under section 271(1)(c) of the I.T. Act for assessment year 2001-02. The penalty was deleted as the addition of Rs.15.15 lacs, on which the penalty was based, was already deleted by the Tribunal in quantum proceedings.

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