https://www.taxtmi.com/caselaws?id=13643 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) imposed by the Assessing Officer for the assessment year 1983-84, based on the explanation provided by the assessee and the application of Circular No. 451 dated February 17, 1986. The Tribunal's decision raised concerns about the justification for canceling the penalty without a clear finding on the acceptability of the assessee's explanation. The case emphasized the importance of concrete evidence and proper application of circulars in tax penalty assessments. en-us Thu, 12 Apr 2007 00:00:00 +0530 Sat, 30 May 2009 17:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13643 The Tribunal upheld the cancellation of the penalty under section 271(1)(c) imposed by the Assessing Officer for the assessment year 1983-84, based on the explanation provided by the assessee and the application of Circular No. 451 dated February 17, 1986. The Tribunal's decision raised concerns about the justification for canceling the penalty without a clear finding on the acceptability of the assessee's explanation. The case emphasized the importance of concrete evidence and proper application of circulars in tax penalty assessments. Case-Laws Income Tax Thu, 12 Apr 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13643