https://www.taxtmi.com/caselaws?id=181081 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on a Private Limited Company under section 271(1)(c) of the IT Act for the assessment year 2002-03. The penalty was canceled as there was no deliberate withholding of information or concealment of income by the assessee. The Tribunal found that the decrease in profit margin was due to increased raw material costs, with only a small portion purchased from associated enterprises. The revenue's appeal against the penalty was dismissed. en-us Fri, 11 May 2012 00:00:00 +0530 Wed, 06 Apr 2016 18:41:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181081 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on a Private Limited Company under section 271(1)(c) of the IT Act for the assessment year 2002-03. The penalty was canceled as there was no deliberate withholding of information or concealment of income by the assessee. The Tribunal found that the decrease in profit margin was due to increased raw material costs, with only a small portion purchased from associated enterprises. The revenue's appeal against the penalty was dismissed. Case-Laws Income Tax Fri, 11 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181081