https://www.taxtmi.com/caselaws?id=214700 The appeal was successful, and the penalty of Rs. 2,13,75,229/- imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2002-03 was deleted by the ITAT. The Tribunal found the explanations provided by the assessee valid, considering proper disclosure of facts and reliance on legal precedents. The penalty deletion was based on the unique circumstances of the case, distinguishing it from previous judgments, and emphasizing the technical nature of the penalty. The decision was made by the ITAT, Delhi Bench, on 29-6-2012. en-us Fri, 29 Jun 2012 00:00:00 +0530 Wed, 11 Jul 2012 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214700 The appeal was successful, and the penalty of Rs. 2,13,75,229/- imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2002-03 was deleted by the ITAT. The Tribunal found the explanations provided by the assessee valid, considering proper disclosure of facts and reliance on legal precedents. The penalty deletion was based on the unique circumstances of the case, distinguishing it from previous judgments, and emphasizing the technical nature of the penalty. The decision was made by the ITAT, Delhi Bench, on 29-6-2012. Case-Laws Income Tax Fri, 29 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214700