https://www.taxtmi.com/caselaws?id=56988 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that the penalty was wrongly imposed as the surrender was made subject to no penalty, and the Assessing Officer failed to provide the appellant with a proper opportunity to produce the creditors during the penalty proceedings. The appeal filed by the revenue and the cross-objection filed by the assessee were dismissed, affirming the deletion of the penalty. en-us Fri, 28 Aug 1998 00:00:00 +0530 Tue, 07 Dec 2010 16:44:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56988 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that the penalty was wrongly imposed as the surrender was made subject to no penalty, and the Assessing Officer failed to provide the appellant with a proper opportunity to produce the creditors during the penalty proceedings. The appeal filed by the revenue and the cross-objection filed by the assessee were dismissed, affirming the deletion of the penalty. Case-Laws Income Tax Fri, 28 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56988