https://www.taxtmi.com/caselaws?id=385524 The ITAT held that the penalty order passed by the AO was barred by the limitation period specified under Section 275 of the Income Tax Act, 1961. Additionally, the ITAT concluded that the penalty under Section 271(1)(c) could not be levied based on estimation and debatable issues. Therefore, the appeal of the assessee was allowed, and the penalty order was set aside. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sat, 07 Sep 2019 06:54:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385524 The ITAT held that the penalty order passed by the AO was barred by the limitation period specified under Section 275 of the Income Tax Act, 1961. Additionally, the ITAT concluded that the penalty under Section 271(1)(c) could not be levied based on estimation and debatable issues. Therefore, the appeal of the assessee was allowed, and the penalty order was set aside. Case-Laws Income Tax Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385524