https://www.taxtmi.com/caselaws?id=273334 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving penalty imposition under section 271(1)(c) of the Income Tax Act. The penalty of Rs. 1,1611,202/- was deleted based on the assessee's revised return disclosing income and advances received. The Tribunal considered the assessee's actions reasonable, leading to the dismissal of the Revenue's appeal and upholding the deletion of the penalty amount. The decision favored the assessee due to the treatment of advances as income and the inadvertent error in tax deduction, resulting in the penalty deletion. en-us Tue, 06 Sep 2016 00:00:00 +0530 Mon, 18 Jun 2018 16:37:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273334 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) in a case involving penalty imposition under section 271(1)(c) of the Income Tax Act. The penalty of Rs. 1,1611,202/- was deleted based on the assessee's revised return disclosing income and advances received. The Tribunal considered the assessee's actions reasonable, leading to the dismissal of the Revenue's appeal and upholding the deletion of the penalty amount. The decision favored the assessee due to the treatment of advances as income and the inadvertent error in tax deduction, resulting in the penalty deletion. Case-Laws Income Tax Tue, 06 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273334