https://www.taxtmi.com/caselaws?id=302733 The Tribunal dismissed the department's appeal against penalty cancellation in a tax case. The AO's disallowances and additions were challenged under the IT Act, with the CIT (A) reducing total receipts rate and deleting an addition. The Tribunal directed re-examination of rejected accounts and profit rate. The AO disallowed certain expenses, leading to appeals. The penalty under Section 271(1)(c) was cancelled by the CIT (A) and upheld by the Tribunal. The Tribunal found no basis for the penalty due to deleted substantial additions and dismissed the penalty appeal in favor of the assessee. en-us Thu, 28 Jul 2016 00:00:00 +0530 Wed, 15 Jun 2022 09:15:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302733 The Tribunal dismissed the department's appeal against penalty cancellation in a tax case. The AO's disallowances and additions were challenged under the IT Act, with the CIT (A) reducing total receipts rate and deleting an addition. The Tribunal directed re-examination of rejected accounts and profit rate. The AO disallowed certain expenses, leading to appeals. The penalty under Section 271(1)(c) was cancelled by the CIT (A) and upheld by the Tribunal. The Tribunal found no basis for the penalty due to deleted substantial additions and dismissed the penalty appeal in favor of the assessee. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302733