https://www.taxtmi.com/caselaws?id=336442 The court ruled in favor of the assessee, holding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The court found that the Revenue's conclusions were based on conjecture and surmises, emphasizing that the surrender of cash credit during the settlement process should not be used against the assessee. The court also noted that the Tribunal failed to properly consider the immunity granted under Section 245H. As a result, the penalties imposed were not upheld. en-us Thu, 15 Dec 2016 00:00:00 +0530 Sat, 01 Apr 2017 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336442 The court ruled in favor of the assessee, holding that the penalty under Section 271(1)(c) of the Income Tax Act was not justified. The court found that the Revenue's conclusions were based on conjecture and surmises, emphasizing that the surrender of cash credit during the settlement process should not be used against the assessee. The court also noted that the Tribunal failed to properly consider the immunity granted under Section 245H. As a result, the penalties imposed were not upheld. Case-Laws Income Tax Thu, 15 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336442