https://www.taxtmi.com/caselaws?id=181983 The Tribunal allowed the assessee's appeal, concluding that the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 was not justified. The Tribunal found that since a substantial question of law had been framed by the High Court, making the issue debatable, no penalty should be levied. Relying on precedents, including the case of Liquid Investment Ltd., the Tribunal held that in such circumstances, the penalty was unsustainable. Therefore, the appeal was allowed, and the penalty was set aside on 4th July, 2014. en-us Fri, 04 Jul 2014 00:00:00 +0530 Fri, 29 Apr 2016 10:27:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181983 The Tribunal allowed the assessee's appeal, concluding that the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 was not justified. The Tribunal found that since a substantial question of law had been framed by the High Court, making the issue debatable, no penalty should be levied. Relying on precedents, including the case of Liquid Investment Ltd., the Tribunal held that in such circumstances, the penalty was unsustainable. Therefore, the appeal was allowed, and the penalty was set aside on 4th July, 2014. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181983