https://www.taxtmi.com/caselaws?id=254715 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. It was found that the assessee had disclosed complete facts, there was no concealment, and disagreements with the AO's claims did not constitute furnishing inaccurate particulars. The Tribunal emphasized that ad hoc estimates and differences of opinion do not warrant penal action, ultimately dismissing the Revenue's appeal and confirming that the penalty was not justified. en-us Wed, 29 Oct 2014 00:00:00 +0530 Mon, 29 Dec 2014 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254715 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. It was found that the assessee had disclosed complete facts, there was no concealment, and disagreements with the AO's claims did not constitute furnishing inaccurate particulars. The Tribunal emphasized that ad hoc estimates and differences of opinion do not warrant penal action, ultimately dismissing the Revenue's appeal and confirming that the penalty was not justified. Case-Laws Income Tax Wed, 29 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254715