https://www.taxtmi.com/caselaws?id=371446 The Court held that the assessee was liable to pay penalties under Section 271(1)(c) of the Income Tax Act, overturning the Tribunal's decision to cancel the penalty. The Court found the explanations for delayed deductions unsatisfactory and noted deliberate laxity on the part of the assessee. The appeal by the Revenue was allowed, restoring the penalties imposed by the Assessing Authority and the Appellate Authority. No costs were awarded in the case. en-us Tue, 25 Sep 2018 00:00:00 +0530 Mon, 05 Aug 2019 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371446 The Court held that the assessee was liable to pay penalties under Section 271(1)(c) of the Income Tax Act, overturning the Tribunal's decision to cancel the penalty. The Court found the explanations for delayed deductions unsatisfactory and noted deliberate laxity on the part of the assessee. The appeal by the Revenue was allowed, restoring the penalties imposed by the Assessing Authority and the Appellate Authority. No costs were awarded in the case. Case-Laws Income Tax Tue, 25 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371446