https://www.taxtmi.com/caselaws?id=179625 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed under section 271(1)(c) for Assessment Years 2003-04 and 2004-05. The Tribunal found that the penalties were unjustified as the assessee's failure to produce evidence was due to fraud by the Vice President, Finance, and the claims were made in good faith before the fraud was detected. The Tribunal emphasized that the penalties were not warranted as the assessee did not conceal income or provide inaccurate information. The appeals by the Revenue were dismissed. en-us Wed, 10 Oct 2012 00:00:00 +0530 Sat, 05 Mar 2016 17:31:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179625 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed under section 271(1)(c) for Assessment Years 2003-04 and 2004-05. The Tribunal found that the penalties were unjustified as the assessee's failure to produce evidence was due to fraud by the Vice President, Finance, and the claims were made in good faith before the fraud was detected. The Tribunal emphasized that the penalties were not warranted as the assessee did not conceal income or provide inaccurate information. The appeals by the Revenue were dismissed. Case-Laws Income Tax Wed, 10 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179625