https://www.taxtmi.com/caselaws?id=192032 The Tribunal allowed all four appeals of the assessees, directing the Assessing Officer to delete the penalties imposed under section 271(1)(c) of the Income Tax Act for the assessment years 2009-10 & 2010-11. The decision emphasized that the penalties were unwarranted as the discrepancies arose from impurities in stock and accurate arithmetic computations, not concealment of income or furnishing inaccurate particulars. The ruling underscored the importance of cooperation and accurate computations, setting a precedent for cases where penalties are imposed solely based on survey findings without evidence of deliberate wrongdoing. en-us Mon, 22 Aug 2016 00:00:00 +0530 Tue, 09 May 2017 20:26:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192032 The Tribunal allowed all four appeals of the assessees, directing the Assessing Officer to delete the penalties imposed under section 271(1)(c) of the Income Tax Act for the assessment years 2009-10 & 2010-11. The decision emphasized that the penalties were unwarranted as the discrepancies arose from impurities in stock and accurate arithmetic computations, not concealment of income or furnishing inaccurate particulars. The ruling underscored the importance of cooperation and accurate computations, setting a precedent for cases where penalties are imposed solely based on survey findings without evidence of deliberate wrongdoing. Case-Laws Income Tax Mon, 22 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192032