https://www.taxtmi.com/caselaws?id=10662 The appeal against the cancellation of the penalty under section 271B of the Income-tax Act, 1961 was dismissed by the Appellate Tribunal. The Tribunal found that the penalty order was invalid as the necessary approval from the Deputy Commissioner of Income-tax was not obtained before levying the penalty. Moreover, the penalty proceedings were initiated under different sections of the Act, weakening the grounds for sustaining the penalty. The audit compliance of the assessee's accounts under section 44AB provided protection against the penalty, and the Tribunal concluded that there was no justification for imposing the penalty. The assessee's genuine impression and reasonable cause to contest the penalty were considered reasonable and sustainable, leading to the dismissal of the appeal. en-us Tue, 08 Mar 2005 00:00:00 +0530 Tue, 21 Jul 2009 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10662 The appeal against the cancellation of the penalty under section 271B of the Income-tax Act, 1961 was dismissed by the Appellate Tribunal. The Tribunal found that the penalty order was invalid as the necessary approval from the Deputy Commissioner of Income-tax was not obtained before levying the penalty. Moreover, the penalty proceedings were initiated under different sections of the Act, weakening the grounds for sustaining the penalty. The audit compliance of the assessee's accounts under section 44AB provided protection against the penalty, and the Tribunal concluded that there was no justification for imposing the penalty. The assessee's genuine impression and reasonable cause to contest the penalty were considered reasonable and sustainable, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 08 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10662