https://www.taxtmi.com/caselaws?id=436304 The Income Tax Appellate Tribunal (ITAT) vacated the penalty of Rs.10,95,149/- imposed by the Assessing Officer (A.O) under section 271(1)(c) of the Income Tax Act, 1961. This decision was made as the basis for the penalty was found to be invalid, leading to the appeal of the assessee being allowed. The Tribunal also vacated additions made under sections 68 and 56(2)(viib) of the Act, resulting in a favorable outcome for the assessee. en-us Mon, 13 Mar 2023 00:00:00 +0530 Fri, 07 Apr 2023 16:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436304 The Income Tax Appellate Tribunal (ITAT) vacated the penalty of Rs.10,95,149/- imposed by the Assessing Officer (A.O) under section 271(1)(c) of the Income Tax Act, 1961. This decision was made as the basis for the penalty was found to be invalid, leading to the appeal of the assessee being allowed. The Tribunal also vacated additions made under sections 68 and 56(2)(viib) of the Act, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436304