https://www.taxtmi.com/caselaws?id=174295 The ITAT canceled the penalty imposed under section 271(1)(c) of the IT Act for assessment years 1997-98, 1998-99, and 1999-2000. The tribunal found that the penalty was not justified as there was no clear evidence of furnishing inaccurate particulars of income or concealing income. The ITAT held that the mere revision of income by the AO and the DVO's differing opinion did not establish concealment. Consequently, the penalty proceedings initiated by the AO were invalidated, and the penalty was canceled, allowing the appeals of the assessee. en-us Fri, 23 Jul 2010 00:00:00 +0530 Mon, 05 Oct 2015 17:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174295 The ITAT canceled the penalty imposed under section 271(1)(c) of the IT Act for assessment years 1997-98, 1998-99, and 1999-2000. The tribunal found that the penalty was not justified as there was no clear evidence of furnishing inaccurate particulars of income or concealing income. The ITAT held that the mere revision of income by the AO and the DVO's differing opinion did not establish concealment. Consequently, the penalty proceedings initiated by the AO were invalidated, and the penalty was canceled, allowing the appeals of the assessee. Case-Laws Income Tax Fri, 23 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174295