https://www.taxtmi.com/caselaws?id=379591 The Tribunal set aside the penalty imposed under Section 271(1)(c) for underutilization of capacity by the assessee, criticizing the TPO's flawed methodology for transfer pricing adjustments and incorrect allowance of deduction under section 10A. The Tribunal found the penalty unsustainable due to lacking legal and factual support, leading to its deletion. The Court dismissed the appeal, deeming the penalty imposition debatable in the circumstances where the assessee had ceased operations, and income amounts were retrospectively included. en-us Mon, 29 Apr 2019 00:00:00 +0530 Sat, 04 May 2019 06:33:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379591 The Tribunal set aside the penalty imposed under Section 271(1)(c) for underutilization of capacity by the assessee, criticizing the TPO's flawed methodology for transfer pricing adjustments and incorrect allowance of deduction under section 10A. The Tribunal found the penalty unsustainable due to lacking legal and factual support, leading to its deletion. The Court dismissed the appeal, deeming the penalty imposition debatable in the circumstances where the assessee had ceased operations, and income amounts were retrospectively included. Case-Laws Income Tax Mon, 29 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379591