https://www.taxtmi.com/caselaws?id=327655 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) for the assessee, a limited company in the manufacturing sector. The ld. CIT(A) had deleted the penalty based on discrepancies in provisions for warranty and suppressed sales, citing precedents where penalties were removed for similar disallowances. The Tribunal supported this decision, referencing a CBDT circular and the precedent set by a Supreme Court decision, ultimately finding no fault in the ld. CIT(A)'s order and affirming the deletion of the penalty. en-us Fri, 01 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 00:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327655 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) for the assessee, a limited company in the manufacturing sector. The ld. CIT(A) had deleted the penalty based on discrepancies in provisions for warranty and suppressed sales, citing precedents where penalties were removed for similar disallowances. The Tribunal supported this decision, referencing a CBDT circular and the precedent set by a Supreme Court decision, ultimately finding no fault in the ld. CIT(A)'s order and affirming the deletion of the penalty. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327655