https://www.taxtmi.com/caselaws?id=420442 The Appellate Tribunal allowed the appeal filed by the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal ruled in favor of the assessee, noting the necessity for both limbs of the provision to be satisfied for penalty imposition and emphasizing the requirement for a clear basis for penalty initiation. The penalty imposed by the AO and confirmed by the CIT(A) was deleted, and the appeal was allowed, resulting in the setting aside of the penalty. en-us Thu, 31 Mar 2022 00:00:00 +0530 Fri, 01 Apr 2022 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420442 The Appellate Tribunal allowed the appeal filed by the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal ruled in favor of the assessee, noting the necessity for both limbs of the provision to be satisfied for penalty imposition and emphasizing the requirement for a clear basis for penalty initiation. The penalty imposed by the AO and confirmed by the CIT(A) was deleted, and the appeal was allowed, resulting in the setting aside of the penalty. Case-Laws Income Tax Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420442