https://www.taxtmi.com/caselaws?id=231298 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was deemed unjustified as the expenses related to uncommenced projects were disclosed genuinely, with no incorrect particulars provided, and accepted by the assessee in good faith. The Tribunal found that the penalty lacked justification due to the absence of specific satisfaction recorded by the Assessing Officer and ruled in favor of the assessee based on Supreme Court precedent. en-us Mon, 08 Apr 2013 00:00:00 +0530 Mon, 22 Apr 2013 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=231298 The Tribunal allowed the assessee's appeal, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty was deemed unjustified as the expenses related to uncommenced projects were disclosed genuinely, with no incorrect particulars provided, and accepted by the assessee in good faith. The Tribunal found that the penalty lacked justification due to the absence of specific satisfaction recorded by the Assessing Officer and ruled in favor of the assessee based on Supreme Court precedent. Case-Laws Income Tax Mon, 08 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=231298