https://www.taxtmi.com/caselaws?id=192769 The Tribunal allowed the appeal, directing the AO to delete the penalty of Rs. 95,55,000 under section 271(1)(c) of the Income Tax Act, as the assessee's claim was transparent and made in good faith. The Tribunal emphasized the independence of penalty proceedings from assessment proceedings and the requirement of an acceptable explanation from the assessee. The Tribunal found that the penalty was not justified, citing relevant case law and the need for a reasonable and valid explanation from the assessee. en-us Wed, 19 Oct 2016 00:00:00 +0530 Mon, 19 Jun 2017 11:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192769 The Tribunal allowed the appeal, directing the AO to delete the penalty of Rs. 95,55,000 under section 271(1)(c) of the Income Tax Act, as the assessee's claim was transparent and made in good faith. The Tribunal emphasized the independence of penalty proceedings from assessment proceedings and the requirement of an acceptable explanation from the assessee. The Tribunal found that the penalty was not justified, citing relevant case law and the need for a reasonable and valid explanation from the assessee. Case-Laws Income Tax Wed, 19 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192769