https://www.taxtmi.com/caselaws?id=227253 The Tribunal canceled the penalties imposed on the partnership firm for not filing returns on time and declaring income, concluding that penalties under Section 271(1)(c) were not justified as the returns were filed within the prescribed time frame and before the issuance of notices under Section 148. The Tribunal held that penalties cannot be imposed solely based on discrepancies between income declared in the return and income assessed by the Assessing Officer without incriminating evidence. The appeals were allowed, and penalties for both assessment years were canceled. en-us Fri, 22 Feb 2013 00:00:00 +0530 Tue, 23 Apr 2013 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=227253 The Tribunal canceled the penalties imposed on the partnership firm for not filing returns on time and declaring income, concluding that penalties under Section 271(1)(c) were not justified as the returns were filed within the prescribed time frame and before the issuance of notices under Section 148. The Tribunal held that penalties cannot be imposed solely based on discrepancies between income declared in the return and income assessed by the Assessing Officer without incriminating evidence. The appeals were allowed, and penalties for both assessment years were canceled. Case-Laws Income Tax Fri, 22 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=227253