https://www.taxtmi.com/caselaws?id=269587 The tribunal found that the penalty under Section 271(1)(c) of the Income Tax Act was unjustified as the disputed amounts were carried over from earlier years and part of the trading account. The tribunal held that the penalty was imposed without proper appreciation of the issues and the assessee's explanation, which was deemed bona fide. Consequently, the penalty was deleted, the assessee's appeal was allowed, and the order was pronounced on 17-10-2014. en-us Fri, 17 Oct 2014 00:00:00 +0530 Thu, 17 Dec 2015 06:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269587 The tribunal found that the penalty under Section 271(1)(c) of the Income Tax Act was unjustified as the disputed amounts were carried over from earlier years and part of the trading account. The tribunal held that the penalty was imposed without proper appreciation of the issues and the assessee's explanation, which was deemed bona fide. Consequently, the penalty was deleted, the assessee's appeal was allowed, and the order was pronounced on 17-10-2014. Case-Laws Income Tax Fri, 17 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269587