https://www.taxtmi.com/caselaws?id=245839 The Tribunal set aside the penalty order imposed under section 271(1)(c) for income discrepancies, ruling in favor of the appellant. Despite the additions made by the Assessing Officer being accepted by the assessee without challenge, the Tribunal emphasized that accepting additions in the assessment did not automatically justify a penalty. The Tribunal considered the assessee's explanations and highlighted the distinction between quantum and penalty proceedings. Ultimately, the Tribunal found no basis for penal action, quashed the penalty order, and allowed the appeal of the assessee, citing consistent views of the jurisdictional High Court. en-us Fri, 04 Apr 2014 00:00:00 +0530 Wed, 09 Apr 2014 10:47:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245839 The Tribunal set aside the penalty order imposed under section 271(1)(c) for income discrepancies, ruling in favor of the appellant. Despite the additions made by the Assessing Officer being accepted by the assessee without challenge, the Tribunal emphasized that accepting additions in the assessment did not automatically justify a penalty. The Tribunal considered the assessee's explanations and highlighted the distinction between quantum and penalty proceedings. Ultimately, the Tribunal found no basis for penal action, quashed the penalty order, and allowed the appeal of the assessee, citing consistent views of the jurisdictional High Court. Case-Laws Income Tax Fri, 04 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245839