https://www.taxtmi.com/caselaws?id=376138 The Tribunal allowed the appeals filed by the assessee against the penalty under section 271(1)(b) for the assessment years 2009-10, 2010-11, and 2011-12. The Tribunal held that imposing a penalty for non-response, which had already led to the addition of the entire amount, would result in double prejudice against the assessee. As the assessee failed to produce the parties involved in the alleged transactions, the penalty was deemed unsustainable. Therefore, the Tribunal set aside the lower authorities' orders and deleted the penalty imposed on the assessee. en-us Wed, 27 Feb 2019 00:00:00 +0530 Sat, 02 Mar 2019 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376138 The Tribunal allowed the appeals filed by the assessee against the penalty under section 271(1)(b) for the assessment years 2009-10, 2010-11, and 2011-12. The Tribunal held that imposing a penalty for non-response, which had already led to the addition of the entire amount, would result in double prejudice against the assessee. As the assessee failed to produce the parties involved in the alleged transactions, the penalty was deemed unsustainable. Therefore, the Tribunal set aside the lower authorities' orders and deleted the penalty imposed on the assessee. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376138