https://www.taxtmi.com/caselaws?id=180966 The appeal filed by the Revenue challenging the deletion of penalty of Rs. 8,72,520/- imposed on the assessee under section 271(1)(c) was dismissed by the Appellate Tribunal ITAT Pune. The penalty was deleted as the assessee had acted in good faith, disclosed all relevant facts, and withdrew the claim based on the Assessing Officer's opinion. The Tribunal upheld the decision of the CIT(A) emphasizing that penalty is not automatic after a quantum addition, and both penalty and quantum addition require separate considerations. en-us Wed, 27 Feb 2013 00:00:00 +0530 Tue, 05 Apr 2016 12:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180966 The appeal filed by the Revenue challenging the deletion of penalty of Rs. 8,72,520/- imposed on the assessee under section 271(1)(c) was dismissed by the Appellate Tribunal ITAT Pune. The penalty was deleted as the assessee had acted in good faith, disclosed all relevant facts, and withdrew the claim based on the Assessing Officer's opinion. The Tribunal upheld the decision of the CIT(A) emphasizing that penalty is not automatic after a quantum addition, and both penalty and quantum addition require separate considerations. Case-Laws Income Tax Wed, 27 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180966