https://www.taxtmi.com/caselaws?id=341326 The Tribunal allowed the appeal, ruling that no penalty under section 271(1)(c) of the Income Tax Act was justified. The decision was based on the assessee's full disclosure of income particulars, the debatable nature of the issue as indicated by the High Court's admission of the quantum appeal, and the lack of proper satisfaction by the Assessing Officer for penalty proceedings. Consequently, the penalty was directed to be deleted. en-us Fri, 31 Mar 2017 00:00:00 +0530 Thu, 06 Apr 2017 07:32:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341326 The Tribunal allowed the appeal, ruling that no penalty under section 271(1)(c) of the Income Tax Act was justified. The decision was based on the assessee's full disclosure of income particulars, the debatable nature of the issue as indicated by the High Court's admission of the quantum appeal, and the lack of proper satisfaction by the Assessing Officer for penalty proceedings. Consequently, the penalty was directed to be deleted. Case-Laws Income Tax Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341326