https://www.taxtmi.com/caselaws?id=334783 The Income Tax Appellate Tribunal (ITAT) set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act. The case involved the assessee's non-reporting of income from a transaction, claiming exemption under Section 54G. The ITAT ruled that no inaccurate particulars of income were furnished, and the explanation provided was considered acceptable. The ITAT directed the deletion of the penalty, stating that the case did not strictly fall under the penalty provision. The Court emphasized the need for a fact-specific analysis and recognized the reliance of companies on professional advice, ultimately dismissing the appeal. en-us Tue, 08 Nov 2016 00:00:00 +0530 Mon, 21 Nov 2016 13:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334783 The Income Tax Appellate Tribunal (ITAT) set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act. The case involved the assessee's non-reporting of income from a transaction, claiming exemption under Section 54G. The ITAT ruled that no inaccurate particulars of income were furnished, and the explanation provided was considered acceptable. The ITAT directed the deletion of the penalty, stating that the case did not strictly fall under the penalty provision. The Court emphasized the need for a fact-specific analysis and recognized the reliance of companies on professional advice, ultimately dismissing the appeal. Case-Laws Income Tax Tue, 08 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334783