https://www.taxtmi.com/caselaws?id=300427 The Appellate Tribunal ITAT Ahmedabad canceled the penalty imposed under Sec. 271(1)(c) for the assessment year 2008-09 on the company engaged in manufacturing and trading activities. The Tribunal ruled in favor of the assessee, a Sick Company, citing the absence of deliberate concealment of income and considering the company's financial crisis. The penalty was overturned based on the disclosure of disallowances in the tax audit report, leading to the cancellation of the penalty imposed by the Assessing Officer. en-us Fri, 23 Nov 2012 00:00:00 +0530 Tue, 01 Feb 2022 11:00:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300427 The Appellate Tribunal ITAT Ahmedabad canceled the penalty imposed under Sec. 271(1)(c) for the assessment year 2008-09 on the company engaged in manufacturing and trading activities. The Tribunal ruled in favor of the assessee, a Sick Company, citing the absence of deliberate concealment of income and considering the company's financial crisis. The penalty was overturned based on the disclosure of disallowances in the tax audit report, leading to the cancellation of the penalty imposed by the Assessing Officer. Case-Laws Income Tax Fri, 23 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300427