https://www.taxtmi.com/caselaws?id=266232 The Tribunal set aside the penalty imposed under Sec. 271B of the Income Tax Act, emphasizing the necessity of obtaining prior permission from the Joint Commissioner for penalties exceeding Rs. 10,000 as mandated by Sec. 274. The failure of the Assessing Officer to adhere to this procedural requirement rendered the penalty invalid. Consequently, the Tribunal ruled in favor of the appellant, directing the deletion of the penalty amounting to Rs. 77,927 imposed by the AO. en-us Wed, 20 May 2015 00:00:00 +0530 Mon, 19 Oct 2015 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266232 The Tribunal set aside the penalty imposed under Sec. 271B of the Income Tax Act, emphasizing the necessity of obtaining prior permission from the Joint Commissioner for penalties exceeding Rs. 10,000 as mandated by Sec. 274. The failure of the Assessing Officer to adhere to this procedural requirement rendered the penalty invalid. Consequently, the Tribunal ruled in favor of the appellant, directing the deletion of the penalty amounting to Rs. 77,927 imposed by the AO. Case-Laws Income Tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266232