https://www.taxtmi.com/caselaws?id=339380 The Appellate Tribunal ITAT Ahmedabad overturned the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961 amounting to Rs. 44,54,540. The Tribunal found discrepancies in the Revenue's case, emphasizing the lack of evidence supporting the alleged inaccurate particulars/concealment of income. It distinguished the case from previous judgments, highlighting the insufficiency of relying solely on survey statements without corroborating evidence. Ultimately, the Tribunal deleted the penalty, emphasizing that mere additions in the assessment do not automatically warrant penal action. en-us Thu, 12 Jan 2017 00:00:00 +0530 Sat, 25 Feb 2017 14:38:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339380 The Appellate Tribunal ITAT Ahmedabad overturned the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, 1961 amounting to Rs. 44,54,540. The Tribunal found discrepancies in the Revenue's case, emphasizing the lack of evidence supporting the alleged inaccurate particulars/concealment of income. It distinguished the case from previous judgments, highlighting the insufficiency of relying solely on survey statements without corroborating evidence. Ultimately, the Tribunal deleted the penalty, emphasizing that mere additions in the assessment do not automatically warrant penal action. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339380