https://www.taxtmi.com/caselaws?id=332539 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It held that the penalty was imposed for furnishing inaccurate particulars, not for concealing income. The Tribunal found that the discrepancies in accounting methods were not deliberate attempts to conceal income, leading to the conclusion that the explanation provided was not false. Therefore, as there was no deliberate concealment and the explanation was deemed genuine, the penalty was deleted, emphasizing the distinction between deliberate concealment and inadvertent errors in accounting practices. en-us Mon, 01 Aug 2016 00:00:00 +0530 Mon, 12 Sep 2016 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332539 The Tribunal allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It held that the penalty was imposed for furnishing inaccurate particulars, not for concealing income. The Tribunal found that the discrepancies in accounting methods were not deliberate attempts to conceal income, leading to the conclusion that the explanation provided was not false. Therefore, as there was no deliberate concealment and the explanation was deemed genuine, the penalty was deleted, emphasizing the distinction between deliberate concealment and inadvertent errors in accounting practices. Case-Laws Income Tax Mon, 01 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332539