https://www.taxtmi.com/caselaws?id=180547 The Appellate Tribunal ITAT Bangalore allowed the appeals filed by the assessee against penalty orders imposed under section 271(1)(c) of the Income-tax Act for seven consecutive assessment years. The Tribunal ruled in favor of the assessee, noting the unintended tax consequences and unfairness of imposing penalties on top of additional tax burden due to misclassification of credits. Consequently, penalties for all seven assessment years were deleted, emphasizing the principle of fairness in the decision-making process. en-us Mon, 21 Dec 2009 00:00:00 +0530 Tue, 29 Mar 2016 14:58:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180547 The Appellate Tribunal ITAT Bangalore allowed the appeals filed by the assessee against penalty orders imposed under section 271(1)(c) of the Income-tax Act for seven consecutive assessment years. The Tribunal ruled in favor of the assessee, noting the unintended tax consequences and unfairness of imposing penalties on top of additional tax burden due to misclassification of credits. Consequently, penalties for all seven assessment years were deleted, emphasizing the principle of fairness in the decision-making process. Case-Laws Income Tax Mon, 21 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180547