https://www.taxtmi.com/caselaws?id=245709 The tribunal upheld the CIT (A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act 1961. It ruled that the penalty cannot be levied when the income calculated under section 115JB is higher than the assessed income under normal provisions. The tribunal emphasized adherence to legal precedents and dismissed the department's appeal, clarifying the conditions for levying the penalty. en-us Fri, 25 Oct 2013 00:00:00 +0530 Sat, 05 Apr 2014 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245709 The tribunal upheld the CIT (A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act 1961. It ruled that the penalty cannot be levied when the income calculated under section 115JB is higher than the assessed income under normal provisions. The tribunal emphasized adherence to legal precedents and dismissed the department's appeal, clarifying the conditions for levying the penalty. Case-Laws Income Tax Fri, 25 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245709