https://www.taxtmi.com/caselaws?id=189402 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 2,37,775 imposed on the assessee under section 271(1)(c) of the IT Act. The Tribunal considered various legal interpretations, precedents, and the absence of Assessing Officer's satisfaction as crucial factors in affirming the penalty cancellation. The retrospective effect of the amendment to section 271(1)(c) was also addressed, clarifying its inapplicability to the case. en-us Tue, 11 May 2004 00:00:00 +0530 Sat, 07 Jan 2017 18:18:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189402 The Tribunal upheld the CIT(A)'s decision to cancel the penalty of Rs. 2,37,775 imposed on the assessee under section 271(1)(c) of the IT Act. The Tribunal considered various legal interpretations, precedents, and the absence of Assessing Officer's satisfaction as crucial factors in affirming the penalty cancellation. The retrospective effect of the amendment to section 271(1)(c) was also addressed, clarifying its inapplicability to the case. Case-Laws Income Tax Tue, 11 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189402