https://www.taxtmi.com/caselaws?id=234531 The ITAT upheld the CIT(A)'s decision to cancel penalties under sections 271(1)(b) and 271(1)(c) for the assessment years 2004-05 and 2005-06. The penalties were canceled based on reasonable cause, considering the circumstances of the case, including the higher income declared by the assessee in response to the notice u/s. 148. The ITAT found that the assessee disclosed true income post CAG audit, paid taxes, and filed returns before knowing the audit results. The appeals and Cross Objections by the revenue were rendered infructuous. en-us Mon, 10 Jun 2013 00:00:00 +0530 Sat, 15 Jun 2013 08:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234531 The ITAT upheld the CIT(A)'s decision to cancel penalties under sections 271(1)(b) and 271(1)(c) for the assessment years 2004-05 and 2005-06. The penalties were canceled based on reasonable cause, considering the circumstances of the case, including the higher income declared by the assessee in response to the notice u/s. 148. The ITAT found that the assessee disclosed true income post CAG audit, paid taxes, and filed returns before knowing the audit results. The appeals and Cross Objections by the revenue were rendered infructuous. Case-Laws Income Tax Mon, 10 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234531