https://www.taxtmi.com/caselaws?id=234639 The Tribunal dismissed both the Revenue's appeal and the Assessee's Cross Objection, upholding the Ld. Commissioner's decision to delete the penalty imposed under section 271(1)(c) for the disallowance u/s. 14A. The Tribunal found no concealment or inaccurate particulars furnished by the assessee, emphasizing the absence of contumacious conduct required for penalty imposition under section 271(1)(c). The correct penalty amount was determined at Rs. 3,00,000, falling within the CBDT limit for appeal, leading to the affirmation of the Ld. Commissioner's order based on judicial discretion in penalty imposition for statutory obligations. en-us Fri, 14 Jun 2013 00:00:00 +0530 Thu, 20 Jun 2013 11:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234639 The Tribunal dismissed both the Revenue's appeal and the Assessee's Cross Objection, upholding the Ld. Commissioner's decision to delete the penalty imposed under section 271(1)(c) for the disallowance u/s. 14A. The Tribunal found no concealment or inaccurate particulars furnished by the assessee, emphasizing the absence of contumacious conduct required for penalty imposition under section 271(1)(c). The correct penalty amount was determined at Rs. 3,00,000, falling within the CBDT limit for appeal, leading to the affirmation of the Ld. Commissioner's order based on judicial discretion in penalty imposition for statutory obligations. Case-Laws Income Tax Fri, 14 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234639