https://www.taxtmi.com/caselaws?id=440726 The HC upheld the ITAT's decision to set aside the penalty of Rs. 14,31,07,613 imposed under Section 271(1)(c) of the Income Tax Act for AY 2014-15. The penalty was related to disallowance under Section 43B, which the respondent/assessee had voluntarily enhanced. The Tribunal determined that the penalty was unjustified as the enhancement was not prompted by any specific AO notice. The HC found no substantial question of law, closing the appeal and directing parties to proceed based on the digitally signed order. en-us Tue, 18 Jul 2023 00:00:00 +0530 Thu, 19 Dec 2024 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440726 The HC upheld the ITAT's decision to set aside the penalty of Rs. 14,31,07,613 imposed under Section 271(1)(c) of the Income Tax Act for AY 2014-15. The penalty was related to disallowance under Section 43B, which the respondent/assessee had voluntarily enhanced. The Tribunal determined that the penalty was unjustified as the enhancement was not prompted by any specific AO notice. The HC found no substantial question of law, closing the appeal and directing parties to proceed based on the digitally signed order. Case-Laws Income Tax Tue, 18 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440726