https://www.taxtmi.com/caselaws?id=56168 The Tribunal, in a case concerning penalty imposition under sections 271(1)(c) and 273(2)(aa) of the I.T. Act, 1961, ruled in favor of the assessee. The dispute arose from an addition made under section 69, leading to penalty proceedings. While the CIT(A) upheld the penalty, the Tribunal's Judicial Member canceled it, citing the deletion of the addition in the quantum appeal. The Third Member concurred, emphasizing the unjustified penalty due to the income disparity. The appeal was allowed, and the matter referred to the Regular Bench, ultimately favoring the assessee based on the Third Member's decision. en-us Tue, 31 Oct 1995 00:00:00 +0530 Sat, 22 Jun 2013 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56168 The Tribunal, in a case concerning penalty imposition under sections 271(1)(c) and 273(2)(aa) of the I.T. Act, 1961, ruled in favor of the assessee. The dispute arose from an addition made under section 69, leading to penalty proceedings. While the CIT(A) upheld the penalty, the Tribunal's Judicial Member canceled it, citing the deletion of the addition in the quantum appeal. The Third Member concurred, emphasizing the unjustified penalty due to the income disparity. The appeal was allowed, and the matter referred to the Regular Bench, ultimately favoring the assessee based on the Third Member's decision. Case-Laws Income Tax Tue, 31 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56168