https://www.taxtmi.com/caselaws?id=210163 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs. 1,45,00,000. The Tribunal found that the errors were rectified before the finalization of the assessment and were due to the negligence of the Tax Consultant. Additionally, the Tribunal ruled in favor of the assessee on other issues, such as the loss on sale of equity shares and donations, holding that penalties were not leviable on those amounts. The Department's appeal was dismissed, and the assessee's cross-objection was dismissed as not pressed. en-us Wed, 18 May 2011 00:00:00 +0530 Mon, 26 Nov 2012 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210163 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs. 1,45,00,000. The Tribunal found that the errors were rectified before the finalization of the assessment and were due to the negligence of the Tax Consultant. Additionally, the Tribunal ruled in favor of the assessee on other issues, such as the loss on sale of equity shares and donations, holding that penalties were not leviable on those amounts. The Department's appeal was dismissed, and the assessee's cross-objection was dismissed as not pressed. Case-Laws Income Tax Wed, 18 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210163