https://www.taxtmi.com/caselaws?id=256941 The ITAT set aside the penalties imposed by the AO under Section 271(1)(c) for AY 2009-10 and 2010-11, noting the lack of evidence of concealment or furnishing inaccurate particulars of income. The tribunal found that the revenue authorities erred in initiating penalty proceedings, as the assessee's declarations were accepted and no mala fide intent was proven. The appeals filed by the assessee were allowed, canceling the penalties. en-us Wed, 11 Feb 2015 00:00:00 +0530 Wed, 22 Apr 2026 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256941 The ITAT set aside the penalties imposed by the AO under Section 271(1)(c) for AY 2009-10 and 2010-11, noting the lack of evidence of concealment or furnishing inaccurate particulars of income. The tribunal found that the revenue authorities erred in initiating penalty proceedings, as the assessee's declarations were accepted and no mala fide intent was proven. The appeals filed by the assessee were allowed, canceling the penalties. Case-Laws Income Tax Wed, 11 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256941