https://www.taxtmi.com/caselaws?id=220234 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Court found that despite the assessing officer's initial interpretation of the income, the amount in question was truthfully reported in the returns, not constituting inaccurate particulars or suppression of facts. Relying on legal precedents such as CIT Vs. Reliance Petroproducts Pvt. Ltd. and Calcutta Discount Co. Ltd. vs. Income Tax Officer, the Court concluded that no substantial question of law arose, leading to the dismissal of the appeal. en-us Fri, 21 Dec 2012 00:00:00 +0530 Fri, 28 Jun 2013 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220234 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Court found that despite the assessing officer's initial interpretation of the income, the amount in question was truthfully reported in the returns, not constituting inaccurate particulars or suppression of facts. Relying on legal precedents such as CIT Vs. Reliance Petroproducts Pvt. Ltd. and Calcutta Discount Co. Ltd. vs. Income Tax Officer, the Court concluded that no substantial question of law arose, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 21 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220234