https://www.taxtmi.com/caselaws?id=245448 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 2006-2007. The Tribunal emphasized that incorrect claims do not amount to furnishing inaccurate particulars for penalty purposes. As the additions were made without conclusive proof of concealment of income, the Tribunal dismissed the Revenue's appeal, ruling that the penalty was not justified. The Tribunal's decision was based on the principle that mere incorrect claims do not warrant a penalty under the IT Act. en-us Thu, 27 Mar 2014 00:00:00 +0530 Sat, 29 Mar 2014 10:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245448 The Appellate Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 2006-2007. The Tribunal emphasized that incorrect claims do not amount to furnishing inaccurate particulars for penalty purposes. As the additions were made without conclusive proof of concealment of income, the Tribunal dismissed the Revenue's appeal, ruling that the penalty was not justified. The Tribunal's decision was based on the principle that mere incorrect claims do not warrant a penalty under the IT Act. Case-Laws Income Tax Thu, 27 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245448