https://www.taxtmi.com/caselaws?id=264617 The tribunal allowed the assessee's appeals, emphasizing the lack of willful default and the cooperation shown during assessment proceedings. The penalty of Rs. 10,000 imposed u/s 271(1)(b) for each year was quashed, citing the absence of deliberate defiance of the law and the centralized nature of group cases. The judgment upheld that penalties should not be imposed in cases of honest and genuine beliefs, highlighting the importance of considering all relevant circumstances before penalty imposition. en-us Wed, 22 Jul 2015 00:00:00 +0530 Tue, 29 Sep 2015 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264617 The tribunal allowed the assessee's appeals, emphasizing the lack of willful default and the cooperation shown during assessment proceedings. The penalty of Rs. 10,000 imposed u/s 271(1)(b) for each year was quashed, citing the absence of deliberate defiance of the law and the centralized nature of group cases. The judgment upheld that penalties should not be imposed in cases of honest and genuine beliefs, highlighting the importance of considering all relevant circumstances before penalty imposition. Case-Laws Income Tax Wed, 22 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264617