https://www.taxtmi.com/caselaws?id=214665 The ITAT allowed the appeal, canceling the penalty imposed under section 271(1)(c) on the assessee for furnishing inaccurate particulars of income related to transactions involving Sundram Bond Saver units. The ITAT held that there was no deliberate concealment or inaccuracy by the assessee, emphasizing the burden of proof on the department in penalty proceedings. The decision highlighted the distinction between inaccurate particulars and unsustainable claims, ultimately leading to the cancellation of the penalty based on lack of evidence supporting concealment or inaccuracy. en-us Wed, 30 May 2012 00:00:00 +0530 Mon, 02 Jul 2012 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214665 The ITAT allowed the appeal, canceling the penalty imposed under section 271(1)(c) on the assessee for furnishing inaccurate particulars of income related to transactions involving Sundram Bond Saver units. The ITAT held that there was no deliberate concealment or inaccuracy by the assessee, emphasizing the burden of proof on the department in penalty proceedings. The decision highlighted the distinction between inaccurate particulars and unsustainable claims, ultimately leading to the cancellation of the penalty based on lack of evidence supporting concealment or inaccuracy. Case-Laws Income Tax Wed, 30 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214665