https://www.taxtmi.com/caselaws?id=205630 ITAT-PUNE AT held that penalty under s.271(1)(c) could not be sustained because AO failed to satisfy the foundational requirement that the assessee concealed income or furnished inaccurate particulars (or fell within Expln.1). Relying on Supreme Court precedents, the Tribunal found no concealment or inaccuracy on the facts and concluded the case was not fit for penalty. The impugned penalty of Rs. 2,00,00,000 was deleted and the assessee granted relief. en-us Tue, 28 Apr 2009 00:00:00 +0530 Thu, 04 Sep 2025 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205630 ITAT-PUNE AT held that penalty under s.271(1)(c) could not be sustained because AO failed to satisfy the foundational requirement that the assessee concealed income or furnished inaccurate particulars (or fell within Expln.1). Relying on Supreme Court precedents, the Tribunal found no concealment or inaccuracy on the facts and concluded the case was not fit for penalty. The impugned penalty of Rs. 2,00,00,000 was deleted and the assessee granted relief. Case-Laws Income Tax Tue, 28 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205630