https://www.taxtmi.com/caselaws?id=337029 The High Court set aside the Income Tax Appellate Tribunal's order imposing a penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Court directed a re-consideration by the Tribunal to assess whether the penalty was correctly applied in light of a certificate issued under Section 230A. Emphasizing the need to determine concealment or inaccuracy in the provided particulars, the Court found the Tribunal's decision lacking proper consideration of legal aspects. The matter was remitted for further proceedings, maintaining the interim stay order with a Bank Guarantee requirement until a final decision is reached. en-us Tue, 22 Nov 2016 00:00:00 +0530 Mon, 02 Jan 2017 10:26:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337029 The High Court set aside the Income Tax Appellate Tribunal's order imposing a penalty under Section 271(1)(c) of the Income Tax Act, 1961. The Court directed a re-consideration by the Tribunal to assess whether the penalty was correctly applied in light of a certificate issued under Section 230A. Emphasizing the need to determine concealment or inaccuracy in the provided particulars, the Court found the Tribunal's decision lacking proper consideration of legal aspects. The matter was remitted for further proceedings, maintaining the interim stay order with a Bank Guarantee requirement until a final decision is reached. Case-Laws Income Tax Tue, 22 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337029