https://www.taxtmi.com/caselaws?id=222016 The High Court upheld the Tribunal's decision to set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The penalty was nullified as the addition in the respondent's income, which led to the penalty imposition, was reversed by the Tribunal. The Court ruled in favor of the respondent, emphasizing the requirement for a valid basis for penalty enforcement when the underlying addition is invalidated. en-us Wed, 06 Mar 2013 00:00:00 +0530 Wed, 10 Apr 2013 23:02:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222016 The High Court upheld the Tribunal's decision to set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The penalty was nullified as the addition in the respondent's income, which led to the penalty imposition, was reversed by the Tribunal. The Court ruled in favor of the respondent, emphasizing the requirement for a valid basis for penalty enforcement when the underlying addition is invalidated. Case-Laws Income Tax Wed, 06 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222016