https://www.taxtmi.com/caselaws?id=402643 The Appellate Tribunal allowed the Assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The penalty was deemed unjustified as there was no evidence of tax evasion, and the Assessing Officer failed to show how the Assessee sought to evade tax when the assessed income matched the returned income. Additionally, the incorrect application of Section 115BBE and procedural issues regarding the service of the show cause notice further supported the decision to cancel the penalty. en-us Thu, 07 Jan 2021 00:00:00 +0530 Fri, 08 Jan 2021 03:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402643 The Appellate Tribunal allowed the Assessee's appeal, canceling the penalty imposed under Section 271(1)(c) of the Income Tax Act. The penalty was deemed unjustified as there was no evidence of tax evasion, and the Assessing Officer failed to show how the Assessee sought to evade tax when the assessed income matched the returned income. Additionally, the incorrect application of Section 115BBE and procedural issues regarding the service of the show cause notice further supported the decision to cancel the penalty. Case-Laws Income Tax Thu, 07 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402643