https://www.taxtmi.com/caselaws?id=245120 The ITAT dismissed the Revenue's appeals and the Assessee's cross objections for the assessment years 1999-00 to 2003-04. The penalty under section 271(1)(c) was deleted by the CIT(A) based on the confirmed addition of the difference in cost of construction. The penalty orders were not considered time-barred under section 275 of the IT Act, but were deleted on the grounds of lack of material evidence supporting the additions and the penalties not being linked to the search operation findings. The judgment highlighted the importance of considering the limitation period for passing penalty orders and emphasized the need for penalties to be based on merit and supported by evidence. en-us Fri, 14 Mar 2014 00:00:00 +0530 Thu, 20 Mar 2014 14:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245120 The ITAT dismissed the Revenue's appeals and the Assessee's cross objections for the assessment years 1999-00 to 2003-04. The penalty under section 271(1)(c) was deleted by the CIT(A) based on the confirmed addition of the difference in cost of construction. The penalty orders were not considered time-barred under section 275 of the IT Act, but were deleted on the grounds of lack of material evidence supporting the additions and the penalties not being linked to the search operation findings. The judgment highlighted the importance of considering the limitation period for passing penalty orders and emphasized the need for penalties to be based on merit and supported by evidence. Case-Laws Income Tax Fri, 14 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245120