https://www.taxtmi.com/caselaws?id=330832 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee, a company engaged in cloth manufacturing and sales. Despite quantum additions being confirmed, the Court found that the penalty was unjustified as there was no evidence of conscious concealment or furnishing of inaccurate particulars by the assessee. The Court agreed with the ITAT's reasoning, emphasizing the importance of material evidence to support penalty imposition. The appeal was decided in favor of the assessee, ruling out any guilt of concealment or misappropriation. en-us Mon, 18 Jul 2016 00:00:00 +0530 Sat, 06 Aug 2016 13:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330832 The High Court upheld the decision of the Income Tax Appellate Tribunal (ITAT) to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee, a company engaged in cloth manufacturing and sales. Despite quantum additions being confirmed, the Court found that the penalty was unjustified as there was no evidence of conscious concealment or furnishing of inaccurate particulars by the assessee. The Court agreed with the ITAT's reasoning, emphasizing the importance of material evidence to support penalty imposition. The appeal was decided in favor of the assessee, ruling out any guilt of concealment or misappropriation. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330832