https://www.taxtmi.com/caselaws?id=239392 The tribunal allowed the appeal of the assessee against the penalty order imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2006-07. The tribunal noted the agreement to a net profit determination of 5% of total turnover due to insufficient expense details. Relying on relevant case laws, including Vatika Constructions P.Ltd., the tribunal found discrepancies in the assessment and concluded that the penalty was not justified. Consequently, the tribunal decided to delete the penalty, following the principles established in the Vatika Constructions case. en-us Mon, 26 Aug 2013 00:00:00 +0530 Wed, 13 Nov 2013 08:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239392 The tribunal allowed the appeal of the assessee against the penalty order imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2006-07. The tribunal noted the agreement to a net profit determination of 5% of total turnover due to insufficient expense details. Relying on relevant case laws, including Vatika Constructions P.Ltd., the tribunal found discrepancies in the assessment and concluded that the penalty was not justified. Consequently, the tribunal decided to delete the penalty, following the principles established in the Vatika Constructions case. Case-Laws Income Tax Mon, 26 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239392