https://www.taxtmi.com/caselaws?id=267609 The Tribunal quashed the penalty levied under Section 271(1)(c) of the Income-tax Act, finding it unsustainable in law. It noted the lack of clear findings on whether the assessee furnished inaccurate particulars of income or concealed income. The addition was based on a retracted statement, with no independent incriminating evidence. The Tribunal allowed the appeal, ruling in favor of the assessee. en-us Wed, 30 Sep 2015 00:00:00 +0530 Mon, 09 Nov 2015 21:44:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267609 The Tribunal quashed the penalty levied under Section 271(1)(c) of the Income-tax Act, finding it unsustainable in law. It noted the lack of clear findings on whether the assessee furnished inaccurate particulars of income or concealed income. The addition was based on a retracted statement, with no independent incriminating evidence. The Tribunal allowed the appeal, ruling in favor of the assessee. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267609