https://www.taxtmi.com/caselaws?id=236307 The High Court upheld the ITAT's decision to delete a penalty of Rs.34,30,000/- under Section 272-B of the Income Tax Act, 1961 for the assessment year 2003-04. The Court emphasized that penalties should be imposed judiciously and not merely because it is lawful to do so. The penalty deletion was justified as the omission was due to contractors not providing their PANs, constituting a technical error without contumacious or fraudulent intent, and not resulting in any revenue loss. The appeal was dismissed in favor of the assessee without costs. en-us Mon, 19 Aug 2013 00:00:00 +0530 Sat, 26 Oct 2013 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236307 The High Court upheld the ITAT's decision to delete a penalty of Rs.34,30,000/- under Section 272-B of the Income Tax Act, 1961 for the assessment year 2003-04. The Court emphasized that penalties should be imposed judiciously and not merely because it is lawful to do so. The penalty deletion was justified as the omission was due to contractors not providing their PANs, constituting a technical error without contumacious or fraudulent intent, and not resulting in any revenue loss. The appeal was dismissed in favor of the assessee without costs. Case-Laws Income Tax Mon, 19 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236307