https://www.taxtmi.com/caselaws?id=383992 The ITAT canceled the penalty imposed under section 271(1)(c) for AY 2014-15, ruling in favor of the assessee. It found that the assessee had disclosed all relevant details, did not conceal information, and did not claim any profit. The invalid show cause notice and lack of proper recording in the assessment order for the penalty led to its cancellation. Previous judgments with similar circumstances supported the decision to cancel the penalty, as the Revenue's arguments were deemed insufficient. The ITAT concluded that the penalty was not leviable in this case, setting aside the lower authorities' orders. en-us Thu, 01 Aug 2019 00:00:00 +0530 Sat, 03 Aug 2019 09:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383992 The ITAT canceled the penalty imposed under section 271(1)(c) for AY 2014-15, ruling in favor of the assessee. It found that the assessee had disclosed all relevant details, did not conceal information, and did not claim any profit. The invalid show cause notice and lack of proper recording in the assessment order for the penalty led to its cancellation. Previous judgments with similar circumstances supported the decision to cancel the penalty, as the Revenue's arguments were deemed insufficient. The ITAT concluded that the penalty was not leviable in this case, setting aside the lower authorities' orders. Case-Laws Income Tax Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383992