https://www.taxtmi.com/caselaws?id=246191 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271(1)(c) for A.Yrs. 2003-04 and 2004-05. It found the assessee acted in good faith, supported by prior audits and ongoing investigations into fraud affecting evidence availability. The Tribunal noted similarities with other group company cases where penalties were canceled and relied on Supreme Court precedents. It dismissed Revenue's appeals, citing lack of false claims and following consistent decisions, distinguishing a Delhi High Court case in favor of the Supreme Court's ruling in Reliance Petro Products. en-us Fri, 28 Feb 2014 00:00:00 +0530 Fri, 18 Apr 2014 16:01:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246191 The Tribunal upheld the CIT(A)'s decision to delete penalties under section 271(1)(c) for A.Yrs. 2003-04 and 2004-05. It found the assessee acted in good faith, supported by prior audits and ongoing investigations into fraud affecting evidence availability. The Tribunal noted similarities with other group company cases where penalties were canceled and relied on Supreme Court precedents. It dismissed Revenue's appeals, citing lack of false claims and following consistent decisions, distinguishing a Delhi High Court case in favor of the Supreme Court's ruling in Reliance Petro Products. Case-Laws Income Tax Fri, 28 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246191