https://www.taxtmi.com/caselaws?id=295428 The appeal by the Revenue against the deletion of a penalty of Rs. 7,07,000/- under section 271(1)(c) for the assessment year 2004-05 was dismissed. The CIT(A) had deleted the penalty, stating that the additions made in the assessment were based on interpretation of the law or opinion, and there was no finding of incorrect information provided by the assessee. The Tribunal upheld the CIT(A)'s decision, emphasizing that penalty under section 271(1)(c) is not automatic upon income addition during assessment, especially when based on differing interpretations. The decision was rendered on 29th November 2011. en-us Tue, 29 Nov 2011 00:00:00 +0530 Thu, 03 Jun 2021 15:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295428 The appeal by the Revenue against the deletion of a penalty of Rs. 7,07,000/- under section 271(1)(c) for the assessment year 2004-05 was dismissed. The CIT(A) had deleted the penalty, stating that the additions made in the assessment were based on interpretation of the law or opinion, and there was no finding of incorrect information provided by the assessee. The Tribunal upheld the CIT(A)'s decision, emphasizing that penalty under section 271(1)(c) is not automatic upon income addition during assessment, especially when based on differing interpretations. The decision was rendered on 29th November 2011. Case-Laws Income Tax Tue, 29 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295428