https://www.taxtmi.com/caselaws?id=213509 The Tribunal held that penalties imposed under S.271(1)(c) of the Income Tax Act were not justified as the assessee was entitled to immunity under clause (2) of Explanation 5. Consequently, penalties for all three years were canceled, and the appeals were partly allowed in favor of the assessee. en-us Tue, 22 Nov 2011 00:00:00 +0530 Thu, 24 May 2012 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213509 The Tribunal held that penalties imposed under S.271(1)(c) of the Income Tax Act were not justified as the assessee was entitled to immunity under clause (2) of Explanation 5. Consequently, penalties for all three years were canceled, and the appeals were partly allowed in favor of the assessee. Case-Laws Income Tax Tue, 22 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213509