https://www.taxtmi.com/caselaws?id=61452 The Tribunal deleted the penalties imposed under Section 271(1)(c) of the IT Act in two instances. In the first case, the addition of Rs. 90,097 was removed from the assessee-firm's income as the surrender was not accepted in the partner's hands. Consequently, the penalty was unjustified. In the second case, the Tribunal found that the penalty of Rs. 2,50,580 was unwarranted as the partners and the firm acted in good faith to avoid prolonged litigation, and the Department lacked independent evidence for the penalty. The penalties were therefore deleted, and the appeals were allowed. en-us Wed, 17 May 1995 00:00:00 +0530 Wed, 12 Jan 2011 16:35:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61452 The Tribunal deleted the penalties imposed under Section 271(1)(c) of the IT Act in two instances. In the first case, the addition of Rs. 90,097 was removed from the assessee-firm's income as the surrender was not accepted in the partner's hands. Consequently, the penalty was unjustified. In the second case, the Tribunal found that the penalty of Rs. 2,50,580 was unwarranted as the partners and the firm acted in good faith to avoid prolonged litigation, and the Department lacked independent evidence for the penalty. The penalties were therefore deleted, and the appeals were allowed. Case-Laws Income Tax Wed, 17 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61452