https://www.taxtmi.com/caselaws?id=184988 The Tribunal affirmed the CIT(Appeals) decision to delete a penalty of Rs. 2,48,060/- imposed under section 271(1)(c) of the I.T.Act. The penalty was annulled based on the accepted assessed income and judicial precedents, including a ruling stating that penalties cannot be levied when income is assessed under section 115JB. The Tribunal rejected the Revenue's appeal, concluding that no penalty could be imposed when total income is determined under section 115JA, resulting in a determination of NIL taxable income. en-us Tue, 19 Apr 2011 00:00:00 +0530 Wed, 27 Jul 2016 12:35:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184988 The Tribunal affirmed the CIT(Appeals) decision to delete a penalty of Rs. 2,48,060/- imposed under section 271(1)(c) of the I.T.Act. The penalty was annulled based on the accepted assessed income and judicial precedents, including a ruling stating that penalties cannot be levied when income is assessed under section 115JB. The Tribunal rejected the Revenue's appeal, concluding that no penalty could be imposed when total income is determined under section 115JA, resulting in a determination of NIL taxable income. Case-Laws Income Tax Tue, 19 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184988