https://www.taxtmi.com/caselaws?id=410028 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, as the Assessing Officer failed to properly consider the explanation submitted by the assessee. The penalty order was deemed to be passed without proper application of mind and was consequently set aside. Additionally, the Tribunal held that the penalty order was barred by limitation, leading to the deletion of penalties related to specific additions totaling Rs. 2,79,000, Rs. 10,05,301, and Rs. 8,30,000. The appeal of the assessee was partly allowed. en-us Tue, 02 Mar 2021 00:00:00 +0530 Fri, 23 Jul 2021 08:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410028 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, as the Assessing Officer failed to properly consider the explanation submitted by the assessee. The penalty order was deemed to be passed without proper application of mind and was consequently set aside. Additionally, the Tribunal held that the penalty order was barred by limitation, leading to the deletion of penalties related to specific additions totaling Rs. 2,79,000, Rs. 10,05,301, and Rs. 8,30,000. The appeal of the assessee was partly allowed. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410028