https://www.taxtmi.com/caselaws?id=274429 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, emphasizing that the penalty was time-barred as the limitation period had expired. The Court rejected the Revenue's argument for piecemeal imposition of penalty, stating that penalties should be strictly applied within the limitation period. Additionally, the Court ruled that the substantial difference between assessed and returned income did not automatically justify penalty imposition. The Tribunal's deletion of penalties related to delayed statutory deductions under Section 43B was also upheld due to the lack of specific findings of concealment or inaccurate particulars by the Assessing Officer. en-us Thu, 02 Feb 2017 00:00:00 +0530 Mon, 13 Aug 2018 20:06:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274429 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, emphasizing that the penalty was time-barred as the limitation period had expired. The Court rejected the Revenue's argument for piecemeal imposition of penalty, stating that penalties should be strictly applied within the limitation period. Additionally, the Court ruled that the substantial difference between assessed and returned income did not automatically justify penalty imposition. The Tribunal's deletion of penalties related to delayed statutory deductions under Section 43B was also upheld due to the lack of specific findings of concealment or inaccurate particulars by the Assessing Officer. Case-Laws Income Tax Thu, 02 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274429