https://www.taxtmi.com/caselaws?id=355948 The Tribunal allowed the appeal by the assessee, deleting the penalty under section 271(1)(c) amounting to Rs. 8,10,500. The Tribunal considered the ambiguity in the interpretation of the cancellation agreement and discrepancies in the assessment, giving the benefit of doubt to the assessee. It emphasized the importance of a cautious approach in penalty imposition and the need for concrete evidence to support the additions made by the Assessing Officer. en-us Mon, 19 Feb 2018 00:00:00 +0530 Thu, 22 Feb 2018 06:36:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355948 The Tribunal allowed the appeal by the assessee, deleting the penalty under section 271(1)(c) amounting to Rs. 8,10,500. The Tribunal considered the ambiguity in the interpretation of the cancellation agreement and discrepancies in the assessment, giving the benefit of doubt to the assessee. It emphasized the importance of a cautious approach in penalty imposition and the need for concrete evidence to support the additions made by the Assessing Officer. Case-Laws Income Tax Mon, 19 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355948