https://www.taxtmi.com/caselaws?id=13233 The Tribunal justified canceling penalties imposed under sections 271(1)(a), 271(1)(b), 271(1)(c), and 273(b) of the Income-tax Act, 1961, as the confiscated ganja was considered a business loss, resulting in nil income for the assessee. The Tribunal ruled that penalties were not leviable due to conflicting judicial opinions and the reasonable cause shown by the assessee. Regarding the legitimacy of initiating penalty proceedings under section 273(b) in reassessment proceedings, the Tribunal's initial stance was overturned, allowing for penalty proceedings under section 273(b) in reassessment cases. en-us Mon, 27 Nov 2006 00:00:00 +0530 Wed, 27 May 2009 14:46:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13233 The Tribunal justified canceling penalties imposed under sections 271(1)(a), 271(1)(b), 271(1)(c), and 273(b) of the Income-tax Act, 1961, as the confiscated ganja was considered a business loss, resulting in nil income for the assessee. The Tribunal ruled that penalties were not leviable due to conflicting judicial opinions and the reasonable cause shown by the assessee. Regarding the legitimacy of initiating penalty proceedings under section 273(b) in reassessment proceedings, the Tribunal's initial stance was overturned, allowing for penalty proceedings under section 273(b) in reassessment cases. Case-Laws Income Tax Mon, 27 Nov 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13233