https://www.taxtmi.com/caselaws?id=252157 The Tribunal canceled the penalty imposed under Section 271(1)(c) on the assessee for furnishing inaccurate particulars of income related to the sale of agricultural land. It held that the penalty proceedings required clear evidence of deliberate concealment or furnishing of inaccurate particulars, which was not established in this case. The Tribunal found that the assessee had a bona fide belief in treating the income from the sale of land as exempt based on legal precedents and facts presented, leading to a difference of opinion rather than intentional misconduct. en-us Tue, 16 Sep 2014 00:00:00 +0530 Mon, 16 Feb 2015 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252157 The Tribunal canceled the penalty imposed under Section 271(1)(c) on the assessee for furnishing inaccurate particulars of income related to the sale of agricultural land. It held that the penalty proceedings required clear evidence of deliberate concealment or furnishing of inaccurate particulars, which was not established in this case. The Tribunal found that the assessee had a bona fide belief in treating the income from the sale of land as exempt based on legal precedents and facts presented, leading to a difference of opinion rather than intentional misconduct. Case-Laws Income Tax Tue, 16 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252157