https://www.taxtmi.com/caselaws?id=247885 The Tribunal allowed the assessee's appeal, setting aside the penalty order imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the disallowances were based on information provided by the assessee, with no evidence of false explanation. Emphasizing the distinction between penalty and assessment proceedings, the Tribunal concluded that the assessee's actions did not justify the penalty, referencing legal precedents. As a result, the penalty was revoked, and the appeal was granted on 06.05.2014. en-us Tue, 06 May 2014 00:00:00 +0530 Mon, 26 May 2014 10:54:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247885 The Tribunal allowed the assessee's appeal, setting aside the penalty order imposed under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the disallowances were based on information provided by the assessee, with no evidence of false explanation. Emphasizing the distinction between penalty and assessment proceedings, the Tribunal concluded that the assessee's actions did not justify the penalty, referencing legal precedents. As a result, the penalty was revoked, and the appeal was granted on 06.05.2014. Case-Laws Income Tax Tue, 06 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247885