https://www.taxtmi.com/caselaws?id=177144 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) amounting to Rs. 2,81,24,512 for the Assessment Year 2006-07. The Revenue's appeal was rejected as the ITAT found that the additions were disclosed in the original return and the penalty was not justified since the income particulars were already reflected in the return. The ITAT emphasized that the penalty could only be imposed for concealing or furnishing inaccurate income particulars, which was not the case here. en-us Fri, 27 Feb 2015 00:00:00 +0530 Mon, 04 Jan 2016 12:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177144 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) amounting to Rs. 2,81,24,512 for the Assessment Year 2006-07. The Revenue's appeal was rejected as the ITAT found that the additions were disclosed in the original return and the penalty was not justified since the income particulars were already reflected in the return. The ITAT emphasized that the penalty could only be imposed for concealing or furnishing inaccurate income particulars, which was not the case here. Case-Laws Income Tax Fri, 27 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177144