https://www.taxtmi.com/caselaws?id=340801 The ITAT Pune upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act for A.Y. 2009-10. The Tribunal found that the company's share from the AOP constituted profit sharing, not a mere consideration, as per the agreement. Since the addition forming the basis for the penalty had been deleted in the quantum appeal, the penalty was deemed unjustified. The ITAT Pune dismissed the Revenue's appeal, emphasizing the consistency with the Tribunal's earlier decision in favor of the company. en-us Fri, 10 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:46:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340801 The ITAT Pune upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act for A.Y. 2009-10. The Tribunal found that the company's share from the AOP constituted profit sharing, not a mere consideration, as per the agreement. Since the addition forming the basis for the penalty had been deleted in the quantum appeal, the penalty was deemed unjustified. The ITAT Pune dismissed the Revenue's appeal, emphasizing the consistency with the Tribunal's earlier decision in favor of the company. Case-Laws Income Tax Fri, 10 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340801