https://www.taxtmi.com/caselaws?id=256770 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) affirming the Commissioner of Income Tax (Appeals) (CIT(A))'s order to reduce the penalty from 20% to 5%. The Court found that the CIT(A) had validly exercised discretion considering the taxpayer's actions and deemed the higher penalty as harsh. The Court determined that the reduction was justified based on the circumstances, including the payment of taxes and approach to the Settlement Commission. Consequently, the Court dismissed the revenue's appeal, ruling in favor of maintaining the reduced penalty. en-us Tue, 10 Feb 2015 00:00:00 +0530 Sat, 21 Feb 2015 10:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256770 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) affirming the Commissioner of Income Tax (Appeals) (CIT(A))'s order to reduce the penalty from 20% to 5%. The Court found that the CIT(A) had validly exercised discretion considering the taxpayer's actions and deemed the higher penalty as harsh. The Court determined that the reduction was justified based on the circumstances, including the payment of taxes and approach to the Settlement Commission. Consequently, the Court dismissed the revenue's appeal, ruling in favor of maintaining the reduced penalty. Case-Laws Income Tax Tue, 10 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256770