https://www.taxtmi.com/caselaws?id=25586 The Income-tax Appellate Tribunal set aside the penalty imposed by the Inspecting Assistant Commissioner on M/s. Kejriwal Iron Stores for discrepancies in payments and account books. The Tribunal held that the Commissioner could not introduce new grounds for penalty beyond those initiated by the Income-tax Officer under section 40A(3) of the Income-tax Act, 1961. Citing precedent, the Tribunal ruled in favor of the assessee, cancelling the penalty of Rs. 16,250 and directing each party to bear their own costs. en-us Wed, 29 Jan 1986 00:00:00 +0530 Fri, 29 Jan 2010 15:57:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25586 The Income-tax Appellate Tribunal set aside the penalty imposed by the Inspecting Assistant Commissioner on M/s. Kejriwal Iron Stores for discrepancies in payments and account books. The Tribunal held that the Commissioner could not introduce new grounds for penalty beyond those initiated by the Income-tax Officer under section 40A(3) of the Income-tax Act, 1961. Citing precedent, the Tribunal ruled in favor of the assessee, cancelling the penalty of Rs. 16,250 and directing each party to bear their own costs. Case-Laws Income Tax Wed, 29 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25586