https://www.taxtmi.com/caselaws?id=345385 The High Court upheld the Tribunal's decision to remove the penalty imposed under Section 271(1)(c) of the Income Tax Act. The court found that the assessee could not be penalized for non-disclosure of income when deeming provisions under Section 40A(2)(b) were applied. Relying on precedents, the court emphasized that penalty provisions require actual concealment or furnishing of inaccurate particulars, which was not the case here. Therefore, the penalty imposition was deemed unjustified, and the appeal was dismissed, affirming the removal of the penalty by the Assessing Authority. en-us Mon, 03 Jul 2017 00:00:00 +0530 Sat, 15 Jul 2017 15:32:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345385 The High Court upheld the Tribunal's decision to remove the penalty imposed under Section 271(1)(c) of the Income Tax Act. The court found that the assessee could not be penalized for non-disclosure of income when deeming provisions under Section 40A(2)(b) were applied. Relying on precedents, the court emphasized that penalty provisions require actual concealment or furnishing of inaccurate particulars, which was not the case here. Therefore, the penalty imposition was deemed unjustified, and the appeal was dismissed, affirming the removal of the penalty by the Assessing Authority. Case-Laws Income Tax Mon, 03 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345385