https://www.taxtmi.com/caselaws?id=54986 The Revenue's appeal was dismissed as the Tribunal held that CBDT Instruction No. 1979, which restricts appeals based on tax effect, is not legally enforceable and cannot override statutory provisions. Regarding the penalty imposed under section 271(1)(c), the Tribunal upheld the CIT(A)'s decision to cancel the penalty as the firm had explained the source of deposits, meeting one condition for penalty imposition but not both as required by law. The appeal of the Revenue was dismissed, and the Cross Objection filed by the assessee was also dismissed. en-us Fri, 04 Oct 2002 00:00:00 +0530 Tue, 23 Nov 2010 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=54986 The Revenue's appeal was dismissed as the Tribunal held that CBDT Instruction No. 1979, which restricts appeals based on tax effect, is not legally enforceable and cannot override statutory provisions. Regarding the penalty imposed under section 271(1)(c), the Tribunal upheld the CIT(A)'s decision to cancel the penalty as the firm had explained the source of deposits, meeting one condition for penalty imposition but not both as required by law. The appeal of the Revenue was dismissed, and the Cross Objection filed by the assessee was also dismissed. Case-Laws Income Tax Fri, 04 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=54986