https://www.taxtmi.com/caselaws?id=217923 The ITAT allowed the appellant's appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The court ruled that no inaccurate particulars were provided in the return, as the liabilities were acknowledged in the balance sheet, indicating their subsistence and enforceability. Since the liabilities were not unilaterally written off and were legally enforceable, concealment was ruled out, leading to the deletion of the penalty initially imposed by the A.O. and confirmed by the ld. CIT(A). en-us Wed, 18 Jul 2012 00:00:00 +0530 Tue, 25 Sep 2012 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217923 The ITAT allowed the appellant's appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The court ruled that no inaccurate particulars were provided in the return, as the liabilities were acknowledged in the balance sheet, indicating their subsistence and enforceability. Since the liabilities were not unilaterally written off and were legally enforceable, concealment was ruled out, leading to the deletion of the penalty initially imposed by the A.O. and confirmed by the ld. CIT(A). Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217923