https://www.taxtmi.com/caselaws?id=331985 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2002-03 and AY 2003-04. The Tribunal found that the penalty orders lacked clarity on establishing concealment or inaccurate particulars, contrary to the lower authorities' view. Relying on legal precedents, including the Supreme Court decision in CIT v. Reliance Petroproducts, the Tribunal concluded that the penalty provisions were not applicable as the assessee had not furnished inaccurate particulars. Consequently, the Tribunal directed the Assessing Officer to delete the entire penalty amount for both years. en-us Thu, 28 Jul 2016 00:00:00 +0530 Wed, 07 Sep 2016 11:41:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331985 The Tribunal allowed the appeal of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2002-03 and AY 2003-04. The Tribunal found that the penalty orders lacked clarity on establishing concealment or inaccurate particulars, contrary to the lower authorities' view. Relying on legal precedents, including the Supreme Court decision in CIT v. Reliance Petroproducts, the Tribunal concluded that the penalty provisions were not applicable as the assessee had not furnished inaccurate particulars. Consequently, the Tribunal directed the Assessing Officer to delete the entire penalty amount for both years. Case-Laws Income Tax Thu, 28 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331985