https://www.taxtmi.com/caselaws?id=394352 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The Tribunal emphasized that differences in calculating interest income did not justify the penalty and highlighted the discretionary nature of penalty provisions. Citing legal precedents, the Tribunal concluded that the penalty was unwarranted, aligning with principles from relevant case law. en-us Thu, 23 Jan 2020 00:00:00 +0530 Wed, 08 Apr 2020 18:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394352 The Tribunal allowed the appeal, ruling in favor of the assessee by deleting the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The Tribunal emphasized that differences in calculating interest income did not justify the penalty and highlighted the discretionary nature of penalty provisions. Citing legal precedents, the Tribunal concluded that the penalty was unwarranted, aligning with principles from relevant case law. Case-Laws Income Tax Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394352