https://www.taxtmi.com/caselaws?id=409366 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271G of the Income Tax Act, recognizing the practical difficulties faced by the assessee in the diamond manufacturing and trading business. The Tribunal found that the assessee had substantially complied with the requirements and that the failure to provide certain details was backed by a reasonable cause. The appeal filed by the revenue challenging the deletion of the penalty was dismissed. en-us Fri, 25 Jun 2021 00:00:00 +0530 Tue, 06 Jul 2021 09:44:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409366 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271G of the Income Tax Act, recognizing the practical difficulties faced by the assessee in the diamond manufacturing and trading business. The Tribunal found that the assessee had substantially complied with the requirements and that the failure to provide certain details was backed by a reasonable cause. The appeal filed by the revenue challenging the deletion of the penalty was dismissed. Case-Laws Income Tax Fri, 25 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409366