https://www.taxtmi.com/caselaws?id=192400 The Tribunal allowed the appeals filed by the assessee, challenging the penalty confirmation by the Commissioner of Income Tax (Appeals) for Assessment Year 2004-05 & 2005-06. The Tribunal found that the penalty order suffered from discrepancies as it imposed penalties for both furnishing inaccurate particulars of income and concealing income, which was legally unsustainable. Emphasizing the need for penalty proceedings to align with specific grounds mentioned in the initiation, the Tribunal quashed the penalty, highlighting the importance of consistency in penalty imposition based on communicated grounds to the assessee. en-us Fri, 24 Mar 2017 00:00:00 +0530 Mon, 29 May 2017 21:41:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192400 The Tribunal allowed the appeals filed by the assessee, challenging the penalty confirmation by the Commissioner of Income Tax (Appeals) for Assessment Year 2004-05 & 2005-06. The Tribunal found that the penalty order suffered from discrepancies as it imposed penalties for both furnishing inaccurate particulars of income and concealing income, which was legally unsustainable. Emphasizing the need for penalty proceedings to align with specific grounds mentioned in the initiation, the Tribunal quashed the penalty, highlighting the importance of consistency in penalty imposition based on communicated grounds to the assessee. Case-Laws Income Tax Fri, 24 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192400