https://www.taxtmi.com/caselaws?id=306803 The Tribunal partially allowed the appeal, directing the deletion of the unjustified adjustment under section 92CA(3) of the Act while dismissing the challenge to the premature initiation of penalty proceedings under section 271(1)(c). The Tribunal considered factors such as volume disparity, slow-moving nature of the product, and economic circumstances leading to a temporary halt in manufacturing. The delay in pronouncing the order was attributed to the COVID-19 pandemic, with the Tribunal adopting a pragmatic approach in interpreting time limits for order pronouncement. en-us Mon, 29 Jun 2020 00:00:00 +0530 Sat, 25 Feb 2023 08:34:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306803 The Tribunal partially allowed the appeal, directing the deletion of the unjustified adjustment under section 92CA(3) of the Act while dismissing the challenge to the premature initiation of penalty proceedings under section 271(1)(c). The Tribunal considered factors such as volume disparity, slow-moving nature of the product, and economic circumstances leading to a temporary halt in manufacturing. The delay in pronouncing the order was attributed to the COVID-19 pandemic, with the Tribunal adopting a pragmatic approach in interpreting time limits for order pronouncement. Case-Laws Income Tax Mon, 29 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306803