https://www.taxtmi.com/caselaws?id=289904 The HC dismissed the Revenue's appeal, upholding the ITAT's decision to set aside penalties imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found no evidence of false explanations by the Assessee and deemed the excessive deduction claim under Section 10B and excess stock entries as tax-neutral. Consequently, the Tribunal's findings were deemed reasonable, with no substantial question of law arising under Section 260-A. The appeal was dismissed without costs, and the order was directed to be sent to the Respondent-Assessee. en-us Thu, 21 Jun 2018 00:00:00 +0530 Thu, 14 Nov 2024 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289904 The HC dismissed the Revenue's appeal, upholding the ITAT's decision to set aside penalties imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found no evidence of false explanations by the Assessee and deemed the excessive deduction claim under Section 10B and excess stock entries as tax-neutral. Consequently, the Tribunal's findings were deemed reasonable, with no substantial question of law arising under Section 260-A. The appeal was dismissed without costs, and the order was directed to be sent to the Respondent-Assessee. Case-Laws Income Tax Thu, 21 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289904