https://www.taxtmi.com/caselaws?id=3918 The High Court upheld the Tribunal's decision to cancel penalties imposed on the development authority under section 201(1)/221 of the Income Tax Act for the financial years 1982-83 and 1983-84. The Court disagreed with the Revenue's arguments, stating that penalties can be imposed even if taxes were paid before penalty initiation, citing legal precedents. However, the Court agreed with the Tribunal's findings on the unfair exercise of discretion by the Income Tax Officer and upheld the deletion of penalties based on evidence presented. The decision favored the assessee, with no costs awarded to the Revenue. en-us Fri, 20 Jul 2007 00:00:00 +0530 Tue, 14 Jun 2011 04:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3918 The High Court upheld the Tribunal's decision to cancel penalties imposed on the development authority under section 201(1)/221 of the Income Tax Act for the financial years 1982-83 and 1983-84. The Court disagreed with the Revenue's arguments, stating that penalties can be imposed even if taxes were paid before penalty initiation, citing legal precedents. However, the Court agreed with the Tribunal's findings on the unfair exercise of discretion by the Income Tax Officer and upheld the deletion of penalties based on evidence presented. The decision favored the assessee, with no costs awarded to the Revenue. Case-Laws Income Tax Fri, 20 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3918