https://www.taxtmi.com/caselaws?id=235252 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that penalty cannot be levied solely due to a disagreement between the assessee and the assessing officer when two views are possible. It concluded that the assessee did not provide inaccurate particulars of income to conceal income, and the penalty was unwarranted. The revenue's appeal was dismissed, and the penalty of Rs.39,03,923/- was deleted. en-us Wed, 08 May 2013 00:00:00 +0530 Fri, 10 May 2013 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235252 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that penalty cannot be levied solely due to a disagreement between the assessee and the assessing officer when two views are possible. It concluded that the assessee did not provide inaccurate particulars of income to conceal income, and the penalty was unwarranted. The revenue's appeal was dismissed, and the penalty of Rs.39,03,923/- was deleted. Case-Laws Income Tax Wed, 08 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235252