https://www.taxtmi.com/caselaws?id=6566 The SC allowed the assessee's appeal regarding penalty under section 271(1)(c). The Court held that the Tribunal was correct in determining that the penalty was not exigible in this case. The SC distinguished this matter from cases involving breach of commercial statutes where intent may be irrelevant, and noted that the penalty was not mandatorily imposable. The decision favored the assessee, confirming that the penalty provisions did not apply to the circumstances of this case. en-us Fri, 18 May 2007 00:00:00 +0530 Sat, 10 May 2025 13:48:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6566 The SC allowed the assessee's appeal regarding penalty under section 271(1)(c). The Court held that the Tribunal was correct in determining that the penalty was not exigible in this case. The SC distinguished this matter from cases involving breach of commercial statutes where intent may be irrelevant, and noted that the penalty was not mandatorily imposable. The decision favored the assessee, confirming that the penalty provisions did not apply to the circumstances of this case. Case-Laws Income Tax Fri, 18 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6566