https://www.taxtmi.com/caselaws?id=331349 The Tribunal allowed the Assessee's appeal against the penalty under section 271(1)(c) of the Income Tax Act, emphasizing that the penalty for furnishing inaccurate particulars of income and concealing income was not justified. The Tribunal held that an unsustainable claim does not amount to inaccurate particulars, and there was no evidence of intentional concealment. Therefore, the penalty was deleted based on the lack of proof by the Revenue, in line with legal precedents. en-us Mon, 18 Jul 2016 00:00:00 +0530 Sat, 20 Aug 2016 08:45:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331349 The Tribunal allowed the Assessee's appeal against the penalty under section 271(1)(c) of the Income Tax Act, emphasizing that the penalty for furnishing inaccurate particulars of income and concealing income was not justified. The Tribunal held that an unsustainable claim does not amount to inaccurate particulars, and there was no evidence of intentional concealment. Therefore, the penalty was deleted based on the lack of proof by the Revenue, in line with legal precedents. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331349