https://www.taxtmi.com/caselaws?id=358625 The Tribunal allowed the appeal, setting aside the penalty of 12,000 imposed under Sec. 271(1)(c) of the Income-tax Act, 1961. The Tribunal found the penalty unwarranted, emphasizing the need for conclusive evidence in penalty proceedings and distinguishing between assessment and penalty imposition. The decision was influenced by previous tribunal rulings favoring the assessee in similar cases, leading to the overturning of the CIT(A)'s order upholding the penalty. en-us Wed, 21 Mar 2018 00:00:00 +0530 Sat, 14 Apr 2018 10:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358625 The Tribunal allowed the appeal, setting aside the penalty of 12,000 imposed under Sec. 271(1)(c) of the Income-tax Act, 1961. The Tribunal found the penalty unwarranted, emphasizing the need for conclusive evidence in penalty proceedings and distinguishing between assessment and penalty imposition. The decision was influenced by previous tribunal rulings favoring the assessee in similar cases, leading to the overturning of the CIT(A)'s order upholding the penalty. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358625