https://www.taxtmi.com/caselaws?id=283709 The Tribunal quashed penalty orders for the assessment years 2006-07 and 2007-08, overturning penalties of Rs. 26.61 lakhs and Rs. 104.98 lakhs imposed by the AO at 150% of the tax. The Tribunal found a lack of proper application of mind by the AO, highlighting discrepancies in the charges and penalties imposed. Emphasizing compliance with legal requirements, the Tribunal set aside the penalty orders, allowing the appeals of the assessee without addressing the merits of the additions made. en-us Wed, 08 Aug 2018 00:00:00 +0530 Mon, 07 Oct 2019 21:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283709 The Tribunal quashed penalty orders for the assessment years 2006-07 and 2007-08, overturning penalties of Rs. 26.61 lakhs and Rs. 104.98 lakhs imposed by the AO at 150% of the tax. The Tribunal found a lack of proper application of mind by the AO, highlighting discrepancies in the charges and penalties imposed. Emphasizing compliance with legal requirements, the Tribunal set aside the penalty orders, allowing the appeals of the assessee without addressing the merits of the additions made. Case-Laws Income Tax Wed, 08 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283709