https://www.taxtmi.com/caselaws?id=260928 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act, finding that the assessee's withdrawal of the claim before assessment proceedings indicated no intention to furnish inaccurate particulars. Emphasizing the lack of valid jurisdiction in initiating penalty proceedings, the Tribunal dismissed the revenue's appeal, citing precedents that rejection of a claim does not automatically warrant a penalty. The decision affirmed the CIT(A)'s ruling, concluding that there was no ambiguity or valid reason to interfere with the deletion of the penalty. en-us Tue, 27 Jan 2015 00:00:00 +0530 Sat, 27 Jun 2015 06:00:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260928 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act, finding that the assessee's withdrawal of the claim before assessment proceedings indicated no intention to furnish inaccurate particulars. Emphasizing the lack of valid jurisdiction in initiating penalty proceedings, the Tribunal dismissed the revenue's appeal, citing precedents that rejection of a claim does not automatically warrant a penalty. The decision affirmed the CIT(A)'s ruling, concluding that there was no ambiguity or valid reason to interfere with the deletion of the penalty. Case-Laws Income Tax Tue, 27 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260928