https://www.taxtmi.com/caselaws?id=29659 The court held that the Tribunal exceeded its jurisdiction by upholding a penalty based on grounds not considered by the IAC, ruling in favor of the assessee on this issue. Regarding the applicability of Section 271(1)(c) to the declared amount, the court affirmed that the penalty was justified due to the false declaration of income, supporting the initiation of penalty proceedings by the ITO. Ultimately, each party was directed to bear their own costs in this case. en-us Mon, 09 Mar 1981 00:00:00 +0530 Mon, 15 Mar 2010 13:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29659 The court held that the Tribunal exceeded its jurisdiction by upholding a penalty based on grounds not considered by the IAC, ruling in favor of the assessee on this issue. Regarding the applicability of Section 271(1)(c) to the declared amount, the court affirmed that the penalty was justified due to the false declaration of income, supporting the initiation of penalty proceedings by the ITO. Ultimately, each party was directed to bear their own costs in this case. Case-Laws Income Tax Mon, 09 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29659