https://www.taxtmi.com/caselaws?id=76765 The High Court ruled in favor of the Revenue, setting aside the Tribunal's decision to delete the penalty imposed under Section 158BFA(2) of the Income Tax Act, 1961. The Court held that the appeal against the rate of tax breached the conditions of the first proviso, allowing for reconsideration of the penalty imposition. The case was remanded for further proceedings, emphasizing the discretionary power in imposing penalties and the importance of complying with statutory conditions to avoid penalties under the Act. en-us Mon, 05 Apr 2010 00:00:00 +0530 Fri, 05 Jul 2013 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76765 The High Court ruled in favor of the Revenue, setting aside the Tribunal's decision to delete the penalty imposed under Section 158BFA(2) of the Income Tax Act, 1961. The Court held that the appeal against the rate of tax breached the conditions of the first proviso, allowing for reconsideration of the penalty imposition. The case was remanded for further proceedings, emphasizing the discretionary power in imposing penalties and the importance of complying with statutory conditions to avoid penalties under the Act. Case-Laws Income Tax Mon, 05 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76765