https://www.taxtmi.com/caselaws?id=238143 The Tribunal concluded that penalties under Section 271(1)(c) were not justified at 300% as the admitted incomes were accepted in the assessment. They directed the AO to modify penalties under Section 271AAA, imposing a penalty at 10% of the income brought to tax for both years. This decision was made to curtail unnecessary proceedings, considering the assessee's residence in Gujarat and unavailability in Hyderabad. The appeals were partly allowed, and the penalties were adjusted accordingly. en-us Fri, 24 May 2013 00:00:00 +0530 Thu, 17 Oct 2013 06:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238143 The Tribunal concluded that penalties under Section 271(1)(c) were not justified at 300% as the admitted incomes were accepted in the assessment. They directed the AO to modify penalties under Section 271AAA, imposing a penalty at 10% of the income brought to tax for both years. This decision was made to curtail unnecessary proceedings, considering the assessee's residence in Gujarat and unavailability in Hyderabad. The appeals were partly allowed, and the penalties were adjusted accordingly. Case-Laws Income Tax Fri, 24 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238143