https://www.taxtmi.com/caselaws?id=212610 The Tribunal ruled in favor of the assessee, determining that the penalty under section 271(1)(c) of the Income Tax Act was not applicable as there was no concealment of income or furnishing of inaccurate particulars. The Tribunal upheld the cancellation of penalties totaling Rs. 12,75,41,087, concluding that the assessee's claim regarding the deductibility of employees' contributions under section 43B was made in good faith, supported by the absence of contradictory evidence. The appeal of the assessee was allowed, while the revenue's appeal was dismissed. en-us Tue, 31 Jan 2012 00:00:00 +0530 Mon, 16 Apr 2012 13:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212610 The Tribunal ruled in favor of the assessee, determining that the penalty under section 271(1)(c) of the Income Tax Act was not applicable as there was no concealment of income or furnishing of inaccurate particulars. The Tribunal upheld the cancellation of penalties totaling Rs. 12,75,41,087, concluding that the assessee's claim regarding the deductibility of employees' contributions under section 43B was made in good faith, supported by the absence of contradictory evidence. The appeal of the assessee was allowed, while the revenue's appeal was dismissed. Case-Laws Income Tax Tue, 31 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212610