https://www.taxtmi.com/caselaws?id=412277 The ITAT set aside the CIT(A)'s order and directed the AO to delete the penalty levied under section 272A(2)(k) for all the assessment years under consideration. The Tribunal emphasized that procedural lapses causing no revenue loss should not attract penalties and reasonable cause for delay should be considered under section 273B. As a result, the appeals were allowed, and the penalties were ordered to be deleted. en-us Mon, 06 Sep 2021 00:00:00 +0530 Tue, 14 Sep 2021 10:48:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412277 The ITAT set aside the CIT(A)'s order and directed the AO to delete the penalty levied under section 272A(2)(k) for all the assessment years under consideration. The Tribunal emphasized that procedural lapses causing no revenue loss should not attract penalties and reasonable cause for delay should be considered under section 273B. As a result, the appeals were allowed, and the penalties were ordered to be deleted. Case-Laws Income Tax Mon, 06 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412277