https://www.taxtmi.com/caselaws?id=239798 The appeal challenging the penalty order under section 271(1)(c) of the Income Tax Act, involving a penalty amount of Rs.75,79,740 for the assessment year 2006-07, was dismissed. The Court upheld the decision to quash the penalty order by the Income Tax Appellate Tribunal, as the additions made in the assessment order were set aside in a quantum appeal, rendering the penalty unjustified. No legal or substantial question of law arose, leading to the dismissal of the appeal. The Court emphasized that the penalty proceedings were rightly set aside based on the prevailing circumstances and legal considerations. en-us Mon, 11 Nov 2013 00:00:00 +0530 Fri, 22 Nov 2013 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239798 The appeal challenging the penalty order under section 271(1)(c) of the Income Tax Act, involving a penalty amount of Rs.75,79,740 for the assessment year 2006-07, was dismissed. The Court upheld the decision to quash the penalty order by the Income Tax Appellate Tribunal, as the additions made in the assessment order were set aside in a quantum appeal, rendering the penalty unjustified. No legal or substantial question of law arose, leading to the dismissal of the appeal. The Court emphasized that the penalty proceedings were rightly set aside based on the prevailing circumstances and legal considerations. Case-Laws Income Tax Mon, 11 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239798