https://www.taxtmi.com/caselaws?id=261114 The Income Tax Appellate Tribunal (ITAT) set aside the penalties imposed under Section 271(1)(c) for Assessment Years 2004-05, 2005-06, and 2006-07, ruling in favor of the assessee. The ITAT found that the assessee had disclosed all necessary facts, and the penalty was unwarranted as making an unsustainable claim does not amount to furnishing inaccurate particulars. The ITAT directed the Assessing Officer to cancel the penalties for all three years, allowing the assessee's appeals. en-us Wed, 20 May 2015 00:00:00 +0530 Fri, 03 Jul 2015 07:46:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261114 The Income Tax Appellate Tribunal (ITAT) set aside the penalties imposed under Section 271(1)(c) for Assessment Years 2004-05, 2005-06, and 2006-07, ruling in favor of the assessee. The ITAT found that the assessee had disclosed all necessary facts, and the penalty was unwarranted as making an unsustainable claim does not amount to furnishing inaccurate particulars. The ITAT directed the Assessing Officer to cancel the penalties for all three years, allowing the assessee's appeals. Case-Laws Income Tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261114