https://www.taxtmi.com/caselaws?id=259550 The Tribunal allowed the appeal by the assessee and deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal held that the penalty was not justified as the assessee did not conceal income or furnish inaccurate particulars. The claim made by the assessee, though disallowed, was based on a consistent practice and all details were disclosed. Therefore, the penalty was deemed unwarranted, and the appeal was successful. en-us Mon, 27 Apr 2015 00:00:00 +0530 Thu, 14 May 2015 06:12:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259550 The Tribunal allowed the appeal by the assessee and deleted the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal held that the penalty was not justified as the assessee did not conceal income or furnish inaccurate particulars. The claim made by the assessee, though disallowed, was based on a consistent practice and all details were disclosed. Therefore, the penalty was deemed unwarranted, and the appeal was successful. Case-Laws Income Tax Mon, 27 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259550