https://www.taxtmi.com/caselaws?id=379573 The High Court found the penalty imposed on the Assessee under Section 271(1)(c) of the Income Tax Act unjust and lacking proper investigation. The penalty was upheld based on unvouched expenses and unexplained credits, despite the Assessee's explanations. The Court criticized the authorities for not thoroughly examining the Assessee's justifications and blindly upholding the penalty. Judicial precedents were misapplied, leading to an erroneous penalty. The Court allowed the Assessee's appeals and imposed costs on the Assessing Authority for the unjust penalty orders. en-us Mon, 01 Apr 2019 00:00:00 +0530 Fri, 03 May 2019 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379573 The High Court found the penalty imposed on the Assessee under Section 271(1)(c) of the Income Tax Act unjust and lacking proper investigation. The penalty was upheld based on unvouched expenses and unexplained credits, despite the Assessee's explanations. The Court criticized the authorities for not thoroughly examining the Assessee's justifications and blindly upholding the penalty. Judicial precedents were misapplied, leading to an erroneous penalty. The Court allowed the Assessee's appeals and imposed costs on the Assessing Authority for the unjust penalty orders. Case-Laws Income Tax Mon, 01 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379573