https://www.taxtmi.com/caselaws?id=334693 The Tribunal upheld the deletion of the penalty for cessation of liability and estimation of net profit for concealment or furnishing inaccurate particulars of income. The decision was based on the assessee's disclosure of relevant particulars in the audited report, the debatable nature of the taxability under section 41(1), and the absence of adverse inferences due to the assessee's significant losses. The Tribunal dismissed the Revenue's appeal, emphasizing that penalty under section 271(1)(c) cannot be imposed if all relevant particulars are filed along with the return of income. en-us Fri, 07 Oct 2016 00:00:00 +0530 Fri, 18 Nov 2016 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334693 The Tribunal upheld the deletion of the penalty for cessation of liability and estimation of net profit for concealment or furnishing inaccurate particulars of income. The decision was based on the assessee's disclosure of relevant particulars in the audited report, the debatable nature of the taxability under section 41(1), and the absence of adverse inferences due to the assessee's significant losses. The Tribunal dismissed the Revenue's appeal, emphasizing that penalty under section 271(1)(c) cannot be imposed if all relevant particulars are filed along with the return of income. Case-Laws Income Tax Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334693