https://www.taxtmi.com/caselaws?id=269309 The ITAT Ahmedabad allowed the appeal of the assessee against the penalty imposed under section 271(1)(c) for the Assessment Year 2005-06. The Tribunal found the explanations provided by the assessee regarding the disputed additions to be genuine, leading to the deletion of the penalty. The Tribunal held that the penalty should not be imposed as the explanations were considered genuine, resulting in the favorable outcome for the assessee. en-us Thu, 13 Aug 2015 00:00:00 +0530 Sat, 12 Dec 2015 13:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269309 The ITAT Ahmedabad allowed the appeal of the assessee against the penalty imposed under section 271(1)(c) for the Assessment Year 2005-06. The Tribunal found the explanations provided by the assessee regarding the disputed additions to be genuine, leading to the deletion of the penalty. The Tribunal held that the penalty should not be imposed as the explanations were considered genuine, resulting in the favorable outcome for the assessee. Case-Laws Income Tax Thu, 13 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269309