https://www.taxtmi.com/caselaws?id=270153 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision emphasized that penalties cannot be solely based on deeming provisions without evidence of inaccuracies. The Tribunal stated that the burden of proof lies with the Revenue to demonstrate inaccuracies, which was not done in this case. The decision highlighted the importance of verifying inaccuracies before penalizing taxpayers for discrepancies in income declarations. en-us Fri, 04 Sep 2015 00:00:00 +0530 Tue, 29 Dec 2015 20:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270153 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision emphasized that penalties cannot be solely based on deeming provisions without evidence of inaccuracies. The Tribunal stated that the burden of proof lies with the Revenue to demonstrate inaccuracies, which was not done in this case. The decision highlighted the importance of verifying inaccuracies before penalizing taxpayers for discrepancies in income declarations. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270153