https://www.taxtmi.com/caselaws?id=330412 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) imposed by the AO on the assessee for furnishing inaccurate particulars of income and concealment of income. The Tribunal emphasized that adjustments made under section 145A had no impact on profits, supported by legal precedents and tax audit reports. Relying on the Supreme Court decision, the Tribunal concluded that the penalty was not applicable as there were no incorrect details in the return. The revenue's appeal challenging the deletion of the penalty was dismissed. en-us Wed, 20 Jul 2016 00:00:00 +0530 Mon, 25 Jul 2016 11:46:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330412 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) imposed by the AO on the assessee for furnishing inaccurate particulars of income and concealment of income. The Tribunal emphasized that adjustments made under section 145A had no impact on profits, supported by legal precedents and tax audit reports. Relying on the Supreme Court decision, the Tribunal concluded that the penalty was not applicable as there were no incorrect details in the return. The revenue's appeal challenging the deletion of the penalty was dismissed. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330412