https://www.taxtmi.com/caselaws?id=180566 Penalty under section 271(1)(c) cannot be sustained where it is founded entirely on an assessment made by wrongly applying section 115JB to a foreign bank. The Tribunal noted the coordinate Bench view that section 115JB does not apply to foreign banks; once that statutory basis for the addition failed, the foundation for the related penalty also disappeared. On that reasoning, the penalty was held not sustainable and was directed to be deleted. en-us Wed, 25 Jan 2012 00:00:00 +0530 Tue, 29 Mar 2016 17:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180566 Penalty under section 271(1)(c) cannot be sustained where it is founded entirely on an assessment made by wrongly applying section 115JB to a foreign bank. The Tribunal noted the coordinate Bench view that section 115JB does not apply to foreign banks; once that statutory basis for the addition failed, the foundation for the related penalty also disappeared. On that reasoning, the penalty was held not sustainable and was directed to be deleted. Case-Laws Income Tax Wed, 25 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180566