https://www.taxtmi.com/caselaws?id=219305 The Tribunal allowed the appeals against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The penalty initiation based on inaccurate particulars of income after a notice u/s 148 was deemed incorrect as the revised return was filed prior. Statements from a survey were argued to lack evidentiary value, and changing the head of income was not seen as concealment. Legal precedents emphasized consistency in penalty grounds. The Tribunal concluded that the penalty was not justified, citing the burden of proof on the revenue and lack of concealment in this case. en-us Wed, 18 Jul 2012 00:00:00 +0530 Tue, 25 Sep 2012 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219305 The Tribunal allowed the appeals against the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The penalty initiation based on inaccurate particulars of income after a notice u/s 148 was deemed incorrect as the revised return was filed prior. Statements from a survey were argued to lack evidentiary value, and changing the head of income was not seen as concealment. Legal precedents emphasized consistency in penalty grounds. The Tribunal concluded that the penalty was not justified, citing the burden of proof on the revenue and lack of concealment in this case. Case-Laws Income Tax Wed, 18 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219305