https://www.taxtmi.com/caselaws?id=338797 The ITAT Kolkata quashed the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The appellant successfully argued that the penalty orders lacked specific reasons recorded by the Assessing Officer, rendering them void-ab-initio. Additionally, the appellant demonstrated that the penalty on the agreed addition was unjustified, as they had accepted the addition during assessment and paid the tax. The court emphasized the importance of clear directions and grounds for penalty initiation, ultimately leading to the dismissal of the penalty and allowing the appeal of the assessee. en-us Wed, 08 Feb 2017 00:00:00 +0530 Sat, 11 Feb 2017 10:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338797 The ITAT Kolkata quashed the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The appellant successfully argued that the penalty orders lacked specific reasons recorded by the Assessing Officer, rendering them void-ab-initio. Additionally, the appellant demonstrated that the penalty on the agreed addition was unjustified, as they had accepted the addition during assessment and paid the tax. The court emphasized the importance of clear directions and grounds for penalty initiation, ultimately leading to the dismissal of the penalty and allowing the appeal of the assessee. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338797