https://www.taxtmi.com/caselaws?id=213837 The ITAT partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2002-03. The penalty related to sundry balances written off was deleted as the assessee's claim, though unsustainable in law, did not amount to furnishing inaccurate particulars. The penalty on long-term capital gain was remitted for fresh adjudication to determine if there was concealment of income, emphasizing the need for a fair opportunity for the assessee to present facts. The ITAT upheld the grievance related to the penalty on long-term capital gains and instructed a re-examination of the issue in accordance with the law. en-us Wed, 05 Oct 2011 00:00:00 +0530 Wed, 22 May 2013 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213837 The ITAT partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 2002-03. The penalty related to sundry balances written off was deleted as the assessee's claim, though unsustainable in law, did not amount to furnishing inaccurate particulars. The penalty on long-term capital gain was remitted for fresh adjudication to determine if there was concealment of income, emphasizing the need for a fair opportunity for the assessee to present facts. The ITAT upheld the grievance related to the penalty on long-term capital gains and instructed a re-examination of the issue in accordance with the law. Case-Laws Income Tax Wed, 05 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213837