https://www.taxtmi.com/caselaws?id=337778 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty under section 271(1)(c) of the Income Tax Act by the Commissioner of Income Tax (Appeals). The judgment clarified that penalties cannot be imposed solely based on incorrect claims and emphasized the necessity of deliberate intent in furnishing inaccurate particulars of income to justify such penalties. The decision relied on legal precedents and a detailed analysis of the legal provisions to support the conclusion that the penalty was not warranted in this case. en-us Mon, 07 Nov 2016 00:00:00 +0530 Mon, 16 Jan 2017 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337778 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the penalty under section 271(1)(c) of the Income Tax Act by the Commissioner of Income Tax (Appeals). The judgment clarified that penalties cannot be imposed solely based on incorrect claims and emphasized the necessity of deliberate intent in furnishing inaccurate particulars of income to justify such penalties. The decision relied on legal precedents and a detailed analysis of the legal provisions to support the conclusion that the penalty was not warranted in this case. Case-Laws Income Tax Mon, 07 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337778