https://www.taxtmi.com/caselaws?id=327055 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the finding that the case did not involve furnishing inaccurate particulars or concealment of income, as the share application money in question was from the Directors or their minor children, which did not warrant a penalty as per the Supreme Court precedent. en-us Wed, 13 Apr 2016 00:00:00 +0530 Mon, 02 May 2016 00:36:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327055 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the finding that the case did not involve furnishing inaccurate particulars or concealment of income, as the share application money in question was from the Directors or their minor children, which did not warrant a penalty as per the Supreme Court precedent. Case-Laws Income Tax Wed, 13 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327055