https://www.taxtmi.com/caselaws?id=341192 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for alleged evasion of Income-tax. The decision emphasized that the assessee's genuine claim, even if later found unsustainable, did not amount to concealment or filing inaccurate particulars. Citing legal precedents, the Tribunal highlighted the distinction between assessment and penalty proceedings, ultimately concluding that the penalty was unwarranted in this case. The judgment underscored the significance of good faith claims and upheld the appeal, absolving the assessee from the penalty imposition. en-us Fri, 09 Sep 2016 00:00:00 +0530 Tue, 04 Apr 2017 09:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341192 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for alleged evasion of Income-tax. The decision emphasized that the assessee's genuine claim, even if later found unsustainable, did not amount to concealment or filing inaccurate particulars. Citing legal precedents, the Tribunal highlighted the distinction between assessment and penalty proceedings, ultimately concluding that the penalty was unwarranted in this case. The judgment underscored the significance of good faith claims and upheld the appeal, absolving the assessee from the penalty imposition. Case-Laws Income Tax Fri, 09 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341192