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of <h1>Calcutta HC Upholds Tribunal's Decision, Dismisses Revenue Appeal on Penalty Deletion u/s 271(1)(c) of Income Tax Act.</h1> <h3>COMMISSIONER OF INCOME TAX KOLKATA Versus SMIFS CAPITAL MARKETS LTD</h3> COMMISSIONER OF INCOME TAX KOLKATA Versus SMIFS CAPITAL MARKETS LTD - TMI The High Court of Calcutta dismissed the revenue's appeal against the deletion of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Court upheld the Tribunal's decision based on the assessee's compliance with furnishing relevant facts for income computation. The penalty was deemed inapplicable, following the Supreme Court's decision in CIT vs. Reliance Petrochemicals. The appeal was dismissed, and the substantial question of law was answered against the revenue.
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