https://www.taxtmi.com/caselaws?id=422103 The Appellate Tribunal ITAT Rajkot ruled in favor of the assessee in a case concerning the levy of penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal emphasized the debatable nature of the issues, considering conflicting judicial precedents. It directed the Revenue to delete the penalty imposed, highlighting the possibility of two opinions in the transaction and the lack of clarity in the legal interpretation. en-us Mon, 18 Apr 2022 00:00:00 +0530 Mon, 09 May 2022 08:39:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422103 The Appellate Tribunal ITAT Rajkot ruled in favor of the assessee in a case concerning the levy of penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2011-12. The Tribunal emphasized the debatable nature of the issues, considering conflicting judicial precedents. It directed the Revenue to delete the penalty imposed, highlighting the possibility of two opinions in the transaction and the lack of clarity in the legal interpretation. Case-Laws Income Tax Mon, 18 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422103