https://www.taxtmi.com/caselaws?id=185010 The Tribunal partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. It directed the Assessing Officer to recompute the penalty only for the income where the wrong deduction was claimed, excluding the income enhanced by applying the net profit rate. The Tribunal upheld the penalty imposition based on established inaccuracies in the income declaration, distinguishing previous judgments cited by the assessee. The decision was grounded on specific inaccuracies in income computation and unjustified claims made by the assessee, leading to a reassessment of the penalty amount. en-us Tue, 15 Feb 2005 00:00:00 +0530 Wed, 27 Jul 2016 17:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185010 The Tribunal partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961. It directed the Assessing Officer to recompute the penalty only for the income where the wrong deduction was claimed, excluding the income enhanced by applying the net profit rate. The Tribunal upheld the penalty imposition based on established inaccuracies in the income declaration, distinguishing previous judgments cited by the assessee. The decision was grounded on specific inaccuracies in income computation and unjustified claims made by the assessee, leading to a reassessment of the penalty amount. Case-Laws Income Tax Tue, 15 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185010