https://www.taxtmi.com/caselaws?id=380586 The penalty imposed under section 271(1)(c) of the Income-tax Act for Assessment Year 2010-11 was deleted by the Tribunal. The Tribunal ruled that since the deduction under section 54 of the Act was allowed in the quantum appeal, the basis for the penalty no longer existed. As the penalty was contingent on the disallowance of the deduction, which was overturned, it was deemed unjustified and hence deleted. en-us Fri, 17 May 2019 00:00:00 +0530 Thu, 23 May 2019 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380586 The penalty imposed under section 271(1)(c) of the Income-tax Act for Assessment Year 2010-11 was deleted by the Tribunal. The Tribunal ruled that since the deduction under section 54 of the Act was allowed in the quantum appeal, the basis for the penalty no longer existed. As the penalty was contingent on the disallowance of the deduction, which was overturned, it was deemed unjustified and hence deleted. Case-Laws Income Tax Fri, 17 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380586