https://www.taxtmi.com/caselaws?id=209922 The High Court upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee, an excise contractor, for furnishing inaccurate particulars and suppressing income. The court supported the appellate authority and Tribunal's decisions, emphasizing that the explanation provided by the assessee, coupled with the lack of intent to evade tax payment, justified the deletion of the penalty. The court cited the principle from a Supreme Court case, highlighting that the mere rejection of a claim by the Assessing Officer does not automatically warrant a penalty. The appeal was dismissed, affirming the decisions in favor of the assessee. en-us Wed, 13 Jul 2011 00:00:00 +0530 Mon, 08 Jul 2013 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209922 The High Court upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee, an excise contractor, for furnishing inaccurate particulars and suppressing income. The court supported the appellate authority and Tribunal's decisions, emphasizing that the explanation provided by the assessee, coupled with the lack of intent to evade tax payment, justified the deletion of the penalty. The court cited the principle from a Supreme Court case, highlighting that the mere rejection of a claim by the Assessing Officer does not automatically warrant a penalty. The appeal was dismissed, affirming the decisions in favor of the assessee. Case-Laws Income Tax Wed, 13 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209922