https://www.taxtmi.com/caselaws?id=272273 The Tribunal concluded that the penalty under Section 271(1)(c) of the Income Tax Act was not justified for the assessment year 2008-09 as the cash receipts from the sale of flats were not taxable in that year, despite being disclosed by the assessee. The Tribunal upheld the deletion of penalties by the CIT(A) and dismissed the revenue's appeals. en-us Fri, 22 Jan 2016 00:00:00 +0530 Thu, 03 Mar 2016 11:14:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272273 The Tribunal concluded that the penalty under Section 271(1)(c) of the Income Tax Act was not justified for the assessment year 2008-09 as the cash receipts from the sale of flats were not taxable in that year, despite being disclosed by the assessee. The Tribunal upheld the deletion of penalties by the CIT(A) and dismissed the revenue's appeals. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272273