https://www.taxtmi.com/caselaws?id=432154 The Tribunal set aside the penalty imposed under section 271(1)(c) by the Assessing Officer on the Assessee for the A.Y. 2011-2012. Relying on a legal precedent and emphasizing that denial of a claim does not automatically warrant penalty imposition, the Tribunal ruled in favor of the Assessee. The decision highlighted the significance of correct application of tax laws and adherence to legal precedents in determining penalty levies under the Income Tax Act, 1961. en-us Mon, 26 Dec 2022 00:00:00 +0530 Wed, 28 Dec 2022 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432154 The Tribunal set aside the penalty imposed under section 271(1)(c) by the Assessing Officer on the Assessee for the A.Y. 2011-2012. Relying on a legal precedent and emphasizing that denial of a claim does not automatically warrant penalty imposition, the Tribunal ruled in favor of the Assessee. The decision highlighted the significance of correct application of tax laws and adherence to legal precedents in determining penalty levies under the Income Tax Act, 1961. Case-Laws Income Tax Mon, 26 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432154