https://www.taxtmi.com/caselaws?id=70786 The Tribunal canceled the penalty imposed by the Assessing Officer and upheld by the CIT(Appeals) due to procedural lapses in invoking the Explanation to section 271(1)(c). Despite the Department having a strong case for imposing the penalty based on probabilities, the Tribunal found that the penalty could not be sustained. The Tribunal referenced a Bombay High Court decision and other conflicting judgments to support its conclusion. As a result, the penalty was annulled, and the assessee's appeal was granted. en-us Tue, 04 Jan 1994 00:00:00 +0530 Tue, 19 Apr 2011 12:17:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70786 The Tribunal canceled the penalty imposed by the Assessing Officer and upheld by the CIT(Appeals) due to procedural lapses in invoking the Explanation to section 271(1)(c). Despite the Department having a strong case for imposing the penalty based on probabilities, the Tribunal found that the penalty could not be sustained. The Tribunal referenced a Bombay High Court decision and other conflicting judgments to support its conclusion. As a result, the penalty was annulled, and the assessee's appeal was granted. Case-Laws Income Tax Tue, 04 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70786