https://www.taxtmi.com/caselaws?id=340676 The Tribunal allowed the appeals, ruling that the penalty under section 271(1)(c) was not warranted due to the retention of properties and the inapplicability of Explanation 5. Both appeals were allowed based on the decision in ITA No.305/PUN/2014, with the penalty being directed to be deleted. en-us Fri, 17 Mar 2017 00:00:00 +0530 Fri, 24 Mar 2017 13:32:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340676 The Tribunal allowed the appeals, ruling that the penalty under section 271(1)(c) was not warranted due to the retention of properties and the inapplicability of Explanation 5. Both appeals were allowed based on the decision in ITA No.305/PUN/2014, with the penalty being directed to be deleted. Case-Laws Income Tax Fri, 17 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340676