https://www.taxtmi.com/caselaws?id=9583 The HC held that the Tribunal erred in upholding the penalty under section 271(1)(c) in respect of cash credits, because it failed to apply a binding decision of the jurisdictional HC and did not properly adjudicate the legal issue. Applying that binding ratio to the present facts, the penalty order could not be sustained. The HC set aside the Tribunal's order upholding the penalty, finding the Tribunal's failure to consider the settled precedent amounted to an error of law. en-us Wed, 25 Jan 2006 00:00:00 +0530 Fri, 19 Sep 2025 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9583 The HC held that the Tribunal erred in upholding the penalty under section 271(1)(c) in respect of cash credits, because it failed to apply a binding decision of the jurisdictional HC and did not properly adjudicate the legal issue. Applying that binding ratio to the present facts, the penalty order could not be sustained. The HC set aside the Tribunal's order upholding the penalty, finding the Tribunal's failure to consider the settled precedent amounted to an error of law. Case-Laws Income Tax Wed, 25 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9583