https://www.taxtmi.com/caselaws?id=209723 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act. It was found that the assessee acted in good faith, as supported by a certificate from the Tehsildar, and there was no willful concealment of income. The AO had accepted the revised return with LTCG declared, making the penalty for furnishing inaccurate particulars unjustified. The Tribunal dismissed the Department's appeal, affirming the cancellation of the penalty. en-us Tue, 03 Jan 2012 00:00:00 +0530 Mon, 06 Feb 2012 12:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209723 The Tribunal upheld the CIT(A)'s decision to cancel the penalty under section 271(1)(c) of the Income Tax Act. It was found that the assessee acted in good faith, as supported by a certificate from the Tehsildar, and there was no willful concealment of income. The AO had accepted the revised return with LTCG declared, making the penalty for furnishing inaccurate particulars unjustified. The Tribunal dismissed the Department's appeal, affirming the cancellation of the penalty. Case-Laws Income Tax Tue, 03 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209723