https://www.taxtmi.com/caselaws?id=295841 The penalties under section 271(1)(c) of the Act for assessment years 1991-92, 1992-93, and 1993-94 were deleted by the ld. CIT(A) and upheld by the Tribunal. The penalties were initially imposed by the AO due to disallowances of payments to PSUs, which were added to the assessee's income. The Tribunal dismissed the Revenue's appeals, citing the absence of contrary evidence or a stay on the High Court's order nullifying the basis for the penalties. en-us Mon, 01 Jul 2013 00:00:00 +0530 Tue, 22 Jun 2021 11:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295841 The penalties under section 271(1)(c) of the Act for assessment years 1991-92, 1992-93, and 1993-94 were deleted by the ld. CIT(A) and upheld by the Tribunal. The penalties were initially imposed by the AO due to disallowances of payments to PSUs, which were added to the assessee's income. The Tribunal dismissed the Revenue's appeals, citing the absence of contrary evidence or a stay on the High Court's order nullifying the basis for the penalties. Case-Laws Income Tax Mon, 01 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295841