https://www.taxtmi.com/caselaws?id=60810 The Tribunal dismissed the revenue's appeal against the cancellation of a penalty under section 271(1)(c) of the Income-tax Act, 1961. It found the penalty invalid as the income was not finally determined when imposed, and the ITO lacked authority to levy it at the time. Emphasizing the law applicable when the return was filed governs penalty imposition, the Tribunal upheld the cancellation based on procedural and substantive legal deficiencies, supported by legal precedents. The revenue's arguments regarding the Explanation, onus of proof, and case laws were rejected, resulting in the dismissal of the appeal. en-us Wed, 23 Feb 1983 00:00:00 +0530 Sat, 08 Jan 2011 11:41:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60810 The Tribunal dismissed the revenue's appeal against the cancellation of a penalty under section 271(1)(c) of the Income-tax Act, 1961. It found the penalty invalid as the income was not finally determined when imposed, and the ITO lacked authority to levy it at the time. Emphasizing the law applicable when the return was filed governs penalty imposition, the Tribunal upheld the cancellation based on procedural and substantive legal deficiencies, supported by legal precedents. The revenue's arguments regarding the Explanation, onus of proof, and case laws were rejected, resulting in the dismissal of the appeal. Case-Laws Income Tax Wed, 23 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60810