https://www.taxtmi.com/caselaws?id=57226 The Tribunal dismissed the Revenue's appeal against the cancellation of a penalty under section 271E of the IT Act, 1961 for the assessment year 1991-92. The CIT(A) canceled the penalty based on the nature of the transactions and the absence of benefit to the creditors, citing legal precedents. The Tribunal upheld the CIT(A)'s decision, emphasizing the lack of benefit to the creditors and specific circumstances of the case, and independently canceled the penalty based on similar grounds in a previous case involving the same assessee. en-us Tue, 18 Jan 1994 00:00:00 +0530 Thu, 09 Dec 2010 10:32:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57226 The Tribunal dismissed the Revenue's appeal against the cancellation of a penalty under section 271E of the IT Act, 1961 for the assessment year 1991-92. The CIT(A) canceled the penalty based on the nature of the transactions and the absence of benefit to the creditors, citing legal precedents. The Tribunal upheld the CIT(A)'s decision, emphasizing the lack of benefit to the creditors and specific circumstances of the case, and independently canceled the penalty based on similar grounds in a previous case involving the same assessee. Case-Laws Income Tax Tue, 18 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57226