https://www.taxtmi.com/caselaws?id=344986 The Tribunal canceled the levy of penalty under section 271(1)(c) of the Income Tax Act in favor of the assessee. The Tribunal found that the explanations provided by the assessee for the additions to income were supported by evidence and were considered bonafide. It emphasized that penalty proceedings are separate from quantum proceedings and ruled that the mere rejection of explanations by the Revenue does not automatically warrant a penalty. The Tribunal referenced the Supreme Court's decision in CIT Vs Reliance Petroproducts Pvt. Ltd. to support its decision. en-us Thu, 09 Feb 2017 00:00:00 +0530 Tue, 04 Jul 2017 07:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344986 The Tribunal canceled the levy of penalty under section 271(1)(c) of the Income Tax Act in favor of the assessee. The Tribunal found that the explanations provided by the assessee for the additions to income were supported by evidence and were considered bonafide. It emphasized that penalty proceedings are separate from quantum proceedings and ruled that the mere rejection of explanations by the Revenue does not automatically warrant a penalty. The Tribunal referenced the Supreme Court's decision in CIT Vs Reliance Petroproducts Pvt. Ltd. to support its decision. Case-Laws Income Tax Thu, 09 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344986