https://www.taxtmi.com/caselaws?id=59604 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under Section 271(1)(c) of the IT Act for the assessment year 1995-96. The Tribunal found that the assessee met the conditions for immunity under Explanation 5, except for the late filing of the return, which was attributed to extenuating circumstances. The Tribunal emphasized procedural fairness and natural justice, ruling that the penalty order was invalid due to the AO's failure to properly inform the assessee about the applicability of Explanation 5. Consequently, the penalty was canceled, and the Revenue's appeal was dismissed. en-us Thu, 20 Nov 2003 00:00:00 +0530 Fri, 15 Jun 2012 16:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59604 The Tribunal upheld the CIT(A)'s decision to cancel the penalty imposed under Section 271(1)(c) of the IT Act for the assessment year 1995-96. The Tribunal found that the assessee met the conditions for immunity under Explanation 5, except for the late filing of the return, which was attributed to extenuating circumstances. The Tribunal emphasized procedural fairness and natural justice, ruling that the penalty order was invalid due to the AO's failure to properly inform the assessee about the applicability of Explanation 5. Consequently, the penalty was canceled, and the Revenue's appeal was dismissed. Case-Laws Income Tax Thu, 20 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59604