https://www.taxtmi.com/caselaws?id=169840 The Tribunal upheld the deletion of the penalty by the Commissioner of Income-tax (Appeals) for assessment years 2005-06 and 2006-07. It emphasized the importance of exercising discretion judiciously in penalty imposition cases, stating that a mere wrong claim by the assessee does not constitute concealment of income or furnishing inaccurate particulars. The Tribunal highlighted that penalties should be justified by deliberate defiance of the law or contumacious conduct, not merely because it is lawful to do so. The appeals by the Revenue were dismissed, confirming the deletion of penalties under section 271(1)(c) for both assessment years. en-us Fri, 31 Aug 2012 00:00:00 +0530 Fri, 24 Apr 2015 14:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169840 The Tribunal upheld the deletion of the penalty by the Commissioner of Income-tax (Appeals) for assessment years 2005-06 and 2006-07. It emphasized the importance of exercising discretion judiciously in penalty imposition cases, stating that a mere wrong claim by the assessee does not constitute concealment of income or furnishing inaccurate particulars. The Tribunal highlighted that penalties should be justified by deliberate defiance of the law or contumacious conduct, not merely because it is lawful to do so. The appeals by the Revenue were dismissed, confirming the deletion of penalties under section 271(1)(c) for both assessment years. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169840