https://www.taxtmi.com/caselaws?id=344779 The Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act for the Assessment Year 1998-99 was upheld. The appeal challenging the deletion of the penalty amounting to Rs. 42,48,656 was dismissed, with no costs imposed. The Tribunal's decision aligned with the legal precedent set in Commissioner of Income Tax Vs. Reliance Petro Products (P) Ltd., (2010), 322 ITR 158, and was deemed justified based on the assessment of facts and relevant legal principles. en-us Wed, 14 Jun 2017 00:00:00 +0530 Tue, 27 Jun 2017 15:53:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344779 The Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act for the Assessment Year 1998-99 was upheld. The appeal challenging the deletion of the penalty amounting to Rs. 42,48,656 was dismissed, with no costs imposed. The Tribunal's decision aligned with the legal precedent set in Commissioner of Income Tax Vs. Reliance Petro Products (P) Ltd., (2010), 322 ITR 158, and was deemed justified based on the assessment of facts and relevant legal principles. Case-Laws Income Tax Wed, 14 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344779