https://www.taxtmi.com/caselaws?id=248796 The Appellate Tribunal overturned the penalty imposed under section 271(1)(C) of the Act on the assessee for furnishing inaccurate particulars. The Tribunal held that the revision of the indexation claim during assessment proceedings did not constitute concealment of income or inaccurate particulars. Rejecting alternate claims during assessment did not justify the penalty. The Tribunal ruled in favor of the assessee, concluding that there was no concealment or inaccurate particulars, leading to the appeal being allowed. en-us Thu, 05 Jun 2014 00:00:00 +0530 Wed, 25 Jun 2014 15:18:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248796 The Appellate Tribunal overturned the penalty imposed under section 271(1)(C) of the Act on the assessee for furnishing inaccurate particulars. The Tribunal held that the revision of the indexation claim during assessment proceedings did not constitute concealment of income or inaccurate particulars. Rejecting alternate claims during assessment did not justify the penalty. The Tribunal ruled in favor of the assessee, concluding that there was no concealment or inaccurate particulars, leading to the appeal being allowed. Case-Laws Income Tax Thu, 05 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248796