https://www.taxtmi.com/caselaws?id=249130 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, finding no concealment or furnishing of inaccurate particulars by the assessee. The revenue's appeal was dismissed, affirming that the penalty was not justified due to the full disclosure and bona fide nature of the claimed expenditure. The Tribunal emphasized that penalties under Section 271(1)(c) necessitate clear evidence of concealment or inaccuracies, which were lacking in this case. en-us Tue, 24 Jun 2014 00:00:00 +0530 Tue, 17 Mar 2015 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249130 The Tribunal upheld the CIT(A)'s decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, finding no concealment or furnishing of inaccurate particulars by the assessee. The revenue's appeal was dismissed, affirming that the penalty was not justified due to the full disclosure and bona fide nature of the claimed expenditure. The Tribunal emphasized that penalties under Section 271(1)(c) necessitate clear evidence of concealment or inaccuracies, which were lacking in this case. Case-Laws Income Tax Tue, 24 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249130