https://www.taxtmi.com/caselaws?id=405974 The Tribunal overturned the CIT(A)'s decision and instructed the AO to revoke the penalties imposed under Section 271(1)(b) for six years. Emphasizing that the assessment was finalized under Section 143(3) and acknowledging the subsequent compliance by the assessee, the penalties were deemed unjustified. The Tribunal considered previous decisions and the overall circumstances, leading to the cancellation of penalties in favor of the assessee in all six appeals. en-us Wed, 31 Mar 2021 00:00:00 +0530 Fri, 02 Apr 2021 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405974 The Tribunal overturned the CIT(A)'s decision and instructed the AO to revoke the penalties imposed under Section 271(1)(b) for six years. Emphasizing that the assessment was finalized under Section 143(3) and acknowledging the subsequent compliance by the assessee, the penalties were deemed unjustified. The Tribunal considered previous decisions and the overall circumstances, leading to the cancellation of penalties in favor of the assessee in all six appeals. Case-Laws Income Tax Wed, 31 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405974