https://www.taxtmi.com/caselaws?id=242326 The Tribunal partly allowed the Revenue's appeal, canceling the penalty under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2001-02. Various issues related to the penalty, including disallowances and discrepancies, were either set aside for further examination by the Assessing Officer or deleted by the Tribunal. The penalty on certain issues, such as reduction claimed in income and disallowance of payments, was set aside for reassessment, emphasizing the need for a fresh review of evidence. Ultimately, the penalty was canceled in instances where issues were set aside or deleted, leading to the partial allowance of the Revenue's appeal. en-us Wed, 11 Dec 2013 00:00:00 +0530 Mon, 13 Jan 2014 09:51:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242326 The Tribunal partly allowed the Revenue's appeal, canceling the penalty under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2001-02. Various issues related to the penalty, including disallowances and discrepancies, were either set aside for further examination by the Assessing Officer or deleted by the Tribunal. The penalty on certain issues, such as reduction claimed in income and disallowance of payments, was set aside for reassessment, emphasizing the need for a fresh review of evidence. Ultimately, the penalty was canceled in instances where issues were set aside or deleted, leading to the partial allowance of the Revenue's appeal. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242326