https://www.taxtmi.com/caselaws?id=242669 The penalty levied under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2001-2002 was the subject of this case. The Tribunal set aside penalties for various disallowances, including disallowance u/s 145A, reserve for cash discount, provision for Executive Retirement Scheme, provision of bonus u/s 43B, disallowance u/s 40A(2)(b) of the Act, and deduction u/s 80-IB of the Act. Penalties were deleted or set aside based on the Tribunal's findings, allowing the Assessing Officer to initiate fresh penalty proceedings if necessary after reworking the disallowances. en-us Fri, 28 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:46:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242669 The penalty levied under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2001-2002 was the subject of this case. The Tribunal set aside penalties for various disallowances, including disallowance u/s 145A, reserve for cash discount, provision for Executive Retirement Scheme, provision of bonus u/s 43B, disallowance u/s 40A(2)(b) of the Act, and deduction u/s 80-IB of the Act. Penalties were deleted or set aside based on the Tribunal's findings, allowing the Assessing Officer to initiate fresh penalty proceedings if necessary after reworking the disallowances. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242669