https://www.taxtmi.com/caselaws?id=177317 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) for both assessment years, emphasizing the distinction between incorrect claims and furnishing inaccurate particulars, in line with the Supreme Court's precedent. The ITAT found that the assessee rectified errors in calculation upon notification by the Assessing Officer, indicating no deliberate attempt to conceal income or provide inaccurate particulars, leading to the cancellation of the penalty. The Department's appeals for both assessment years were dismissed. en-us Fri, 12 Sep 2014 00:00:00 +0530 Thu, 07 Jan 2016 10:37:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177317 The ITAT upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) for both assessment years, emphasizing the distinction between incorrect claims and furnishing inaccurate particulars, in line with the Supreme Court's precedent. The ITAT found that the assessee rectified errors in calculation upon notification by the Assessing Officer, indicating no deliberate attempt to conceal income or provide inaccurate particulars, leading to the cancellation of the penalty. The Department's appeals for both assessment years were dismissed. Case-Laws Income Tax Fri, 12 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177317