https://www.taxtmi.com/caselaws?id=178551 The ITAT confirmed the deletion of the penalty under section 271(1)(c) of the Income Tax Act, following precedents where penalties were deleted for similar additions to book profits. The Tribunal upheld the Ld. Commissioner of Income Tax (A)'s order, dismissing the Revenue's appeal. The penalty was deleted based on Explanation 1 Clause (B) to Section 271(1), and no substantial question of law arose. en-us Tue, 10 Jul 2012 00:00:00 +0530 Thu, 15 Jun 2017 19:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178551 The ITAT confirmed the deletion of the penalty under section 271(1)(c) of the Income Tax Act, following precedents where penalties were deleted for similar additions to book profits. The Tribunal upheld the Ld. Commissioner of Income Tax (A)'s order, dismissing the Revenue's appeal. The penalty was deleted based on Explanation 1 Clause (B) to Section 271(1), and no substantial question of law arose. Case-Laws Income Tax Tue, 10 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178551