https://www.taxtmi.com/caselaws?id=66709 The Tribunal determined that the penalties imposed under section 271(1)(c) of the Income Tax Act should be canceled. It concluded that the revised returns were filed voluntarily by the assessee before the Assessing Officer had decided on the taxability of the credits. Emphasizing the discretionary power of the Assessing Officer, the Tribunal highlighted the need for judicial exercise of discretion, referencing the Supreme Court's stance that penalties should not be imposed merely because it is lawful. Consequently, the Tribunal directed the cancellation of the penalties, thus allowing the appeals filed by the assessee. en-us Wed, 17 Aug 2005 00:00:00 +0530 Mon, 22 Apr 2024 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66709 The Tribunal determined that the penalties imposed under section 271(1)(c) of the Income Tax Act should be canceled. It concluded that the revised returns were filed voluntarily by the assessee before the Assessing Officer had decided on the taxability of the credits. Emphasizing the discretionary power of the Assessing Officer, the Tribunal highlighted the need for judicial exercise of discretion, referencing the Supreme Court's stance that penalties should not be imposed merely because it is lawful. Consequently, the Tribunal directed the cancellation of the penalties, thus allowing the appeals filed by the assessee. Case-Laws Income Tax Wed, 17 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66709