https://www.taxtmi.com/caselaws?id=325320 The ITAT upheld the CIT (A)'s decision to delete the penalty of Rs. 36,07,868/- imposed under Section 271(1)(c) of the Income Tax Act, 1961. The ITAT concluded that the assessee did not conceal income or furnish inaccurate particulars, referencing the Supreme Court's ruling that making an incorrect claim does not amount to furnishing inaccurate particulars of income. The appeal of the revenue was dismissed, and the decision was pronounced on 09.02.2016. en-us Tue, 09 Feb 2016 00:00:00 +0530 Wed, 16 Mar 2016 10:19:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325320 The ITAT upheld the CIT (A)'s decision to delete the penalty of Rs. 36,07,868/- imposed under Section 271(1)(c) of the Income Tax Act, 1961. The ITAT concluded that the assessee did not conceal income or furnish inaccurate particulars, referencing the Supreme Court's ruling that making an incorrect claim does not amount to furnishing inaccurate particulars of income. The appeal of the revenue was dismissed, and the decision was pronounced on 09.02.2016. Case-Laws Income Tax Tue, 09 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325320