https://www.taxtmi.com/caselaws?id=294181 The court allowed the appeal by the appellant-assessee, challenging the Income-tax Appellate Tribunal's order for the assessment year 1994-95. The main issue was the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs. 62,34,760. The court considered the nature of losses in business activities, emphasizing the need for a balanced approach in penalty impositions. By drawing parallels with a previous case, the court ruled in favor of the appellant, highlighting the importance of consistency in judicial decisions. en-us Thu, 04 Dec 2014 00:00:00 +0530 Thu, 25 Mar 2021 09:30:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294181 The court allowed the appeal by the appellant-assessee, challenging the Income-tax Appellate Tribunal's order for the assessment year 1994-95. The main issue was the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961, amounting to Rs. 62,34,760. The court considered the nature of losses in business activities, emphasizing the need for a balanced approach in penalty impositions. By drawing parallels with a previous case, the court ruled in favor of the appellant, highlighting the importance of consistency in judicial decisions. Case-Laws Income Tax Thu, 04 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294181