https://www.taxtmi.com/caselaws?id=117321 The Tribunal reversed the CIT(A)'s decision to cancel penalties under section 271(1)(c), restoring the penalties imposed by the Assessing Officer. The Tribunal held that the seized material formed the basis of assessments, rejecting the argument that the documents qualified as books of account for immunity. It was determined that the revised returns were not filed under section 139(5) and did not exempt the assessee from penalty consequences. The revenue's appeals were allowed. en-us Wed, 17 Apr 2002 00:00:00 +0530 Tue, 30 Aug 2016 14:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117321 The Tribunal reversed the CIT(A)'s decision to cancel penalties under section 271(1)(c), restoring the penalties imposed by the Assessing Officer. The Tribunal held that the seized material formed the basis of assessments, rejecting the argument that the documents qualified as books of account for immunity. It was determined that the revised returns were not filed under section 139(5) and did not exempt the assessee from penalty consequences. The revenue's appeals were allowed. Case-Laws Income Tax Wed, 17 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117321