https://www.taxtmi.com/caselaws?id=286737 The tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. This decision was based on the assessment of income under section 115JB, where it was concluded that the penalty could not be imposed when the tax payable under normal provisions was less than the tax payable under section 115JB. The tribunal emphasized the importance of adhering to principles of natural justice in penalty proceedings, leading to the favorable outcome for the assessee. en-us Fri, 10 Jan 2020 00:00:00 +0530 Fri, 13 Mar 2020 10:14:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286737 The tribunal allowed the appeal filed by the assessee, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. This decision was based on the assessment of income under section 115JB, where it was concluded that the penalty could not be imposed when the tax payable under normal provisions was less than the tax payable under section 115JB. The tribunal emphasized the importance of adhering to principles of natural justice in penalty proceedings, leading to the favorable outcome for the assessee. Case-Laws Income Tax Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286737