https://www.taxtmi.com/caselaws?id=270916 The Tribunal upheld the penalties imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act for both the disallowance of agricultural income and the provision for development liability. The Commissioner of Income Tax (Appeals) had deleted the penalties, but the Tribunal determined that the assessee had furnished inaccurate particulars of income in both instances, justifying the penalties. The Tribunal referenced case law to support its decision, ultimately dismissing the assessee's objections and affirming the penalties imposed by the Assessing Officer. en-us Thu, 29 Oct 2015 00:00:00 +0530 Wed, 20 Jan 2016 05:54:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270916 The Tribunal upheld the penalties imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act for both the disallowance of agricultural income and the provision for development liability. The Commissioner of Income Tax (Appeals) had deleted the penalties, but the Tribunal determined that the assessee had furnished inaccurate particulars of income in both instances, justifying the penalties. The Tribunal referenced case law to support its decision, ultimately dismissing the assessee's objections and affirming the penalties imposed by the Assessing Officer. Case-Laws Income Tax Thu, 29 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270916