https://www.taxtmi.com/caselaws?id=271238 The High Court directed the Tribunal to re-decide the penalty issue on its merits. The Tribunal found merit in the Assessee's claim that the loss was bonafide, not concealment of income. Ultimately, the Tribunal concluded that the Assessee did not furnish inaccurate particulars of income or conceal income. As there were no findings of inaccurate details in the return, the penalty was deemed unwarranted and deleted. The appeal filed by the Assessee was allowed, and the penalty of Rs. 50,00,000 under section 271(1)(c) was canceled. en-us Mon, 04 Jan 2016 00:00:00 +0530 Sat, 30 Jan 2016 10:15:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271238 The High Court directed the Tribunal to re-decide the penalty issue on its merits. The Tribunal found merit in the Assessee's claim that the loss was bonafide, not concealment of income. Ultimately, the Tribunal concluded that the Assessee did not furnish inaccurate particulars of income or conceal income. As there were no findings of inaccurate details in the return, the penalty was deemed unwarranted and deleted. The appeal filed by the Assessee was allowed, and the penalty of Rs. 50,00,000 under section 271(1)(c) was canceled. Case-Laws Income Tax Mon, 04 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271238