https://www.taxtmi.com/caselaws?id=249916 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the Assessing Officer had not fulfilled the necessary requirements for imposing the penalty, as the assessee provided adequate explanation and documentary evidence to establish the absence of malafide intent, particularly regarding the allocation of construction costs. The Tribunal concluded that the penalty was not justified based on the arguments and legal precedents presented by the assessee. en-us Wed, 16 Jul 2014 00:00:00 +0530 Mon, 28 Jul 2014 09:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249916 The Tribunal allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the Assessing Officer had not fulfilled the necessary requirements for imposing the penalty, as the assessee provided adequate explanation and documentary evidence to establish the absence of malafide intent, particularly regarding the allocation of construction costs. The Tribunal concluded that the penalty was not justified based on the arguments and legal precedents presented by the assessee. Case-Laws Income Tax Wed, 16 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249916