https://www.taxtmi.com/caselaws?id=210606 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act. The Assessing Officer's additions resulted in a taxable income of Rs.2,59,52,863/-, but the CIT(Appeals) granted relief, leading to a negative taxable income of Rs.4,35,20,671/ for the assessment year 2001-02. The tribunal found that the penalty was unjustified as the Assessing Officer and CIT(A) failed to consider the fresh evidence submitted by the assessee, resulting in the dismissal of the penalty. en-us Mon, 23 Jan 2012 00:00:00 +0530 Sat, 31 Mar 2012 13:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210606 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act. The Assessing Officer's additions resulted in a taxable income of Rs.2,59,52,863/-, but the CIT(Appeals) granted relief, leading to a negative taxable income of Rs.4,35,20,671/ for the assessment year 2001-02. The tribunal found that the penalty was unjustified as the Assessing Officer and CIT(A) failed to consider the fresh evidence submitted by the assessee, resulting in the dismissal of the penalty. Case-Laws Income Tax Mon, 23 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210606