https://www.taxtmi.com/caselaws?id=270021 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, as the quantum addition, which formed the basis for the penalty, was later deleted. The Tribunal found that since the quantum addition was no longer valid, the penalty could not be sustained. The Tribunal's decision was based on precedents emphasizing that penalty for concealment or furnishing inaccurate particulars requires a deliberate act by the assessee, which was absent in this case. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty on 18/11/2015. en-us Mon, 23 Nov 2015 00:00:00 +0530 Sun, 27 Dec 2015 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270021 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, as the quantum addition, which formed the basis for the penalty, was later deleted. The Tribunal found that since the quantum addition was no longer valid, the penalty could not be sustained. The Tribunal's decision was based on precedents emphasizing that penalty for concealment or furnishing inaccurate particulars requires a deliberate act by the assessee, which was absent in this case. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty on 18/11/2015. Case-Laws Income Tax Mon, 23 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270021