https://www.taxtmi.com/caselaws?id=328239 The Tribunal held that the penalty imposed under section 271(1)(c) for disallowance of provisions for discount was incorrect. The order confirming the penalty was set aside, and the Assessing Officer was directed to delete the penalty amount of Rs. 10,41,995/-. The Tribunal found that the assessee's practice of creating provisions for discount and reversing unused provisions was consistent and accepted by the department in other years, making the penalty unwarranted. The appeal of the assessee was allowed, and the penalty was revoked. en-us Wed, 25 May 2016 00:00:00 +0530 Mon, 30 May 2016 16:56:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328239 The Tribunal held that the penalty imposed under section 271(1)(c) for disallowance of provisions for discount was incorrect. The order confirming the penalty was set aside, and the Assessing Officer was directed to delete the penalty amount of Rs. 10,41,995/-. The Tribunal found that the assessee's practice of creating provisions for discount and reversing unused provisions was consistent and accepted by the department in other years, making the penalty unwarranted. The appeal of the assessee was allowed, and the penalty was revoked. Case-Laws Income Tax Wed, 25 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328239