https://www.taxtmi.com/caselaws?id=213971 The Tribunal allowed the assessee's appeal, ruling that the penalty order was time-barred under Section 275(1)(a). It found no deliberate concealment of income or furnishing of inaccurate particulars. The disallowance of losses was deemed a legal interpretation issue, not warranting a penalty under Section 271(1)(c). The Tribunal emphasized adherence to judicial precedents and natural justice principles in penalty proceedings. en-us Mon, 30 Apr 2012 00:00:00 +0530 Thu, 23 May 2013 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213971 The Tribunal allowed the assessee's appeal, ruling that the penalty order was time-barred under Section 275(1)(a). It found no deliberate concealment of income or furnishing of inaccurate particulars. The disallowance of losses was deemed a legal interpretation issue, not warranting a penalty under Section 271(1)(c). The Tribunal emphasized adherence to judicial precedents and natural justice principles in penalty proceedings. Case-Laws Income Tax Mon, 30 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213971