https://www.taxtmi.com/caselaws?id=338291 The Appellate Tribunal ruled in favor of the Assessee, finding that penalties imposed for losses in the garment business were unjustified. The Tribunal held that there was no evidence of concealment or furnishing inaccurate income particulars. It emphasized that mere unsustainable claims do not constitute inaccurate particulars. As a result, penalties under section 271(1)(c) for the assessment years 2003-04 to 2005-06 were deemed unwarranted and were canceled in all three appeals. en-us Tue, 03 Jan 2017 00:00:00 +0530 Tue, 31 Jan 2017 06:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338291 The Appellate Tribunal ruled in favor of the Assessee, finding that penalties imposed for losses in the garment business were unjustified. The Tribunal held that there was no evidence of concealment or furnishing inaccurate income particulars. It emphasized that mere unsustainable claims do not constitute inaccurate particulars. As a result, penalties under section 271(1)(c) for the assessment years 2003-04 to 2005-06 were deemed unwarranted and were canceled in all three appeals. Case-Laws Income Tax Tue, 03 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338291