https://www.taxtmi.com/caselaws?id=326894 The ITAT upheld the CIT (A)'s decision to delete the penalty of Rs. 11,64,041/- imposed under section 271(1)(c) of the Income-tax Act, 1961. The ITAT agreed that the assessee had genuine reasons for the disputed claims, including provisions for Interest on Sugar Development Fund, Dharmada collection, interest on accumulated fund, and writing off unused hologram. Consequently, the penalty was deemed unjustified, leading to the dismissal of the revenue's appeal and the assessee's cross objection. en-us Tue, 15 Mar 2016 00:00:00 +0530 Wed, 27 Apr 2016 10:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326894 The ITAT upheld the CIT (A)'s decision to delete the penalty of Rs. 11,64,041/- imposed under section 271(1)(c) of the Income-tax Act, 1961. The ITAT agreed that the assessee had genuine reasons for the disputed claims, including provisions for Interest on Sugar Development Fund, Dharmada collection, interest on accumulated fund, and writing off unused hologram. Consequently, the penalty was deemed unjustified, leading to the dismissal of the revenue's appeal and the assessee's cross objection. Case-Laws Income Tax Tue, 15 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326894