https://www.taxtmi.com/caselaws?id=181421 The Appellate Tribunal ITAT Pune allowed the appeal of the assessee against the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal considered the voluntary nature of the revised return and the lack of incriminating evidence regarding penny stock transactions, concluding that it was not a fit case for penalty. The penalty was set aside in favor of the assessee. en-us Wed, 08 Dec 2010 00:00:00 +0530 Sat, 16 Apr 2016 15:19:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181421 The Appellate Tribunal ITAT Pune allowed the appeal of the assessee against the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal considered the voluntary nature of the revised return and the lack of incriminating evidence regarding penny stock transactions, concluding that it was not a fit case for penalty. The penalty was set aside in favor of the assessee. Case-Laws Income Tax Wed, 08 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181421