https://www.taxtmi.com/caselaws?id=332804 The ITAT Ahmedabad partially allowed the assessee's appeal challenging a penalty of ? 3,00,000 imposed under section 271(A)(c) for furnishing inaccurate income particulars. The penalty related to shortage in stock and disallowance of remuneration paid to a working partner. The Tribunal upheld the penalty for stock shortage but directed deletion of the penalty for remuneration payment, emphasizing the necessity of accurate income disclosure. The decision was based on a thorough examination of facts, legal provisions, and precedents, ensuring a fair outcome under the Income-tax Act. en-us Wed, 29 Jun 2016 00:00:00 +0530 Tue, 27 Sep 2016 12:01:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332804 The ITAT Ahmedabad partially allowed the assessee's appeal challenging a penalty of ? 3,00,000 imposed under section 271(A)(c) for furnishing inaccurate income particulars. The penalty related to shortage in stock and disallowance of remuneration paid to a working partner. The Tribunal upheld the penalty for stock shortage but directed deletion of the penalty for remuneration payment, emphasizing the necessity of accurate income disclosure. The decision was based on a thorough examination of facts, legal provisions, and precedents, ensuring a fair outcome under the Income-tax Act. Case-Laws Income Tax Wed, 29 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332804