https://www.taxtmi.com/caselaws?id=103425 The Tribunal revoked penalty orders imposed under section 271(1)(c) of the Income-tax Act for the assessment years 1988-89 and 1989-90. The Tribunal held that penalties were not applicable when no tax was payable due to lack of taxable income, following legal precedents and clarifications from higher courts. The penalties were canceled, and the appeals were allowed. en-us Fri, 14 Dec 2001 00:00:00 +0530 Wed, 22 Feb 2012 17:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103425 The Tribunal revoked penalty orders imposed under section 271(1)(c) of the Income-tax Act for the assessment years 1988-89 and 1989-90. The Tribunal held that penalties were not applicable when no tax was payable due to lack of taxable income, following legal precedents and clarifications from higher courts. The penalties were canceled, and the appeals were allowed. Case-Laws Income Tax Fri, 14 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103425