https://www.taxtmi.com/caselaws?id=60791 The Tribunal upheld the Commissioner (Appeals)'s decision to reduce the penalty amount imposed on Panipat Co-operative Sugar Mills Ltd. The Tribunal dismissed the revenue's appeal, confirming the reduction from Rs. 11,71,550 to Rs. 17,666. This decision was based on the deletion of one addition to the income and the genuine belief of the assessee in complying with government notifications for the other additions, leading to the conclusion that the penalty reduction was justified. en-us Thu, 11 Mar 1982 00:00:00 +0530 Sat, 08 Jan 2011 11:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60791 The Tribunal upheld the Commissioner (Appeals)'s decision to reduce the penalty amount imposed on Panipat Co-operative Sugar Mills Ltd. The Tribunal dismissed the revenue's appeal, confirming the reduction from Rs. 11,71,550 to Rs. 17,666. This decision was based on the deletion of one addition to the income and the genuine belief of the assessee in complying with government notifications for the other additions, leading to the conclusion that the penalty reduction was justified. Case-Laws Income Tax Thu, 11 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60791