https://www.taxtmi.com/caselaws?id=235254 The Tribunal upheld the cancellation of a penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961 on an individual assessee for misclassification of income from consultancy/commission. Despite the initial penalty, the Commissioner of Income Tax (Appeals) and the Tribunal found that the assessee had not furnished inaccurate particulars of income but had merely changed the head of income, leading to the penalty cancellation. The Tribunal dismissed the Revenue's appeal, affirming the decision to cancel the penalty. en-us Wed, 08 May 2013 00:00:00 +0530 Wed, 17 Jul 2013 08:21:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235254 The Tribunal upheld the cancellation of a penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961 on an individual assessee for misclassification of income from consultancy/commission. Despite the initial penalty, the Commissioner of Income Tax (Appeals) and the Tribunal found that the assessee had not furnished inaccurate particulars of income but had merely changed the head of income, leading to the penalty cancellation. The Tribunal dismissed the Revenue's appeal, affirming the decision to cancel the penalty. Case-Laws Income Tax Wed, 08 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235254