https://www.taxtmi.com/caselaws?id=325682 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The Tribunal found that the penalty was unwarranted as there was insufficient evidence to support the imposition of the penalty based solely on additions made during the assessment. The Tribunal emphasized the need for a basis for penalty imposition beyond mere additions and distinguished the case from previous judgments cited by the Revenue. Consequently, the penalty was deleted in favor of the assessee, an Individual and Director of a consultancy firm. en-us Wed, 17 Feb 2016 00:00:00 +0530 Sat, 26 Mar 2016 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325682 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2007-08. The Tribunal found that the penalty was unwarranted as there was insufficient evidence to support the imposition of the penalty based solely on additions made during the assessment. The Tribunal emphasized the need for a basis for penalty imposition beyond mere additions and distinguished the case from previous judgments cited by the Revenue. Consequently, the penalty was deleted in favor of the assessee, an Individual and Director of a consultancy firm. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325682