https://www.taxtmi.com/caselaws?id=268628 The Tribunal allowed the appeal of the assessee, deleting the penalty of Rs. 1,20,959 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The Tribunal found the basis for penalty imposition insufficient as the liability in question was deemed bogus, precluding the application of section 41(1) of the Act. Citing relevant case laws and previous decisions, the Tribunal concluded that the penalty should be deleted, emphasizing the lack of remission or cessation of the liability during the relevant assessment year. en-us Fri, 09 Oct 2015 00:00:00 +0530 Mon, 30 Nov 2015 12:53:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268628 The Tribunal allowed the appeal of the assessee, deleting the penalty of Rs. 1,20,959 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The Tribunal found the basis for penalty imposition insufficient as the liability in question was deemed bogus, precluding the application of section 41(1) of the Act. Citing relevant case laws and previous decisions, the Tribunal concluded that the penalty should be deleted, emphasizing the lack of remission or cessation of the liability during the relevant assessment year. Case-Laws Income Tax Fri, 09 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268628