https://www.taxtmi.com/caselaws?id=379172 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the applicability of Circular No. 25/2015, which clarified that no penalty should be levied in cases where tax payable under normal provisions was less than under section 115JB. Relying on the Circular and a Delhi High Court judgment, the Tribunal held that no penalty could be imposed as the tax payable under section 115JB was higher. The decision was in line with established legal principles and authoritative guidance, resulting in the assessee's successful appeal. en-us Wed, 24 Apr 2019 00:00:00 +0530 Mon, 29 Apr 2019 06:56:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379172 The Tribunal allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the applicability of Circular No. 25/2015, which clarified that no penalty should be levied in cases where tax payable under normal provisions was less than under section 115JB. Relying on the Circular and a Delhi High Court judgment, the Tribunal held that no penalty could be imposed as the tax payable under section 115JB was higher. The decision was in line with established legal principles and authoritative guidance, resulting in the assessee's successful appeal. Case-Laws Income Tax Wed, 24 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379172