https://www.taxtmi.com/caselaws?id=121607 The Tribunal deleted the penalty of Rs. 15,65,918 imposed by the AO and upheld by the CIT(A) under section 271(1)(c) of the Income-tax Act. It concluded that the assessee did not conceal income or furnish inaccurate particulars, as the explanation provided was bona fide and all relevant facts were disclosed. Consequently, Explanation 1 to section 271(1)(c) was deemed inapplicable, and the appeal by the assessee was allowed. en-us Thu, 29 Jan 2009 00:00:00 +0530 Tue, 31 Oct 2023 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121607 The Tribunal deleted the penalty of Rs. 15,65,918 imposed by the AO and upheld by the CIT(A) under section 271(1)(c) of the Income-tax Act. It concluded that the assessee did not conceal income or furnish inaccurate particulars, as the explanation provided was bona fide and all relevant facts were disclosed. Consequently, Explanation 1 to section 271(1)(c) was deemed inapplicable, and the appeal by the assessee was allowed. Case-Laws Income Tax Thu, 29 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121607