https://www.taxtmi.com/caselaws?id=8876 The Income-tax Appellate Tribunal deleted the penalty imposed under Section 271(1)(c) of the Income-tax Act, reasoning that there was no intention to furnish inaccurate particulars due to uncertain circumstances. The court emphasized that deeming provisions under Section 41(1) could not be the basis for penalty. The case was remanded to the Tribunal to determine if there was conscious concealment or deliberate furnishing of inaccurate particulars, allowing the assessee to present relevant arguments. en-us Thu, 11 May 1972 00:00:00 +0530 Tue, 16 Jun 2009 19:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8876 The Income-tax Appellate Tribunal deleted the penalty imposed under Section 271(1)(c) of the Income-tax Act, reasoning that there was no intention to furnish inaccurate particulars due to uncertain circumstances. The court emphasized that deeming provisions under Section 41(1) could not be the basis for penalty. The case was remanded to the Tribunal to determine if there was conscious concealment or deliberate furnishing of inaccurate particulars, allowing the assessee to present relevant arguments. Case-Laws Income Tax Thu, 11 May 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8876