https://www.taxtmi.com/caselaws?id=247849 The court ruled in favor of the revenue, declaring the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act as valid due to the insertion of sub-section 1B in Section 271 by the Finance Act, 2008. However, the court found that the penalty levy based on inaccurate particulars of income was not justified, as the discrepancy in the account of Bharat Petroleum Corporation Limited was not intentional understatement or deliberate furnishing of inaccurate particulars. The appeal was disposed of accordingly, canceling the penalty imposed by the Assessing Officer and CIT(A). en-us Fri, 21 Mar 2014 00:00:00 +0530 Fri, 20 Feb 2015 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247849 The court ruled in favor of the revenue, declaring the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act as valid due to the insertion of sub-section 1B in Section 271 by the Finance Act, 2008. However, the court found that the penalty levy based on inaccurate particulars of income was not justified, as the discrepancy in the account of Bharat Petroleum Corporation Limited was not intentional understatement or deliberate furnishing of inaccurate particulars. The appeal was disposed of accordingly, canceling the penalty imposed by the Assessing Officer and CIT(A). Case-Laws Income Tax Fri, 21 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247849