https://www.taxtmi.com/caselaws?id=348529 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act amounting to Rs. 4,04,635, as it found that the assessee's actions were not contumacious and there was no intention to conceal income. The Tribunal ruled in favor of the assessee, citing the lack of material evidence to support the allegations of inaccurate particulars or income concealment. The penalty was deleted, and the appeal was allowed on 21/09/2017. en-us Thu, 21 Sep 2017 00:00:00 +0530 Sat, 23 Sep 2017 10:40:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=348529 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act amounting to Rs. 4,04,635, as it found that the assessee's actions were not contumacious and there was no intention to conceal income. The Tribunal ruled in favor of the assessee, citing the lack of material evidence to support the allegations of inaccurate particulars or income concealment. The penalty was deleted, and the appeal was allowed on 21/09/2017. Case-Laws Income Tax Thu, 21 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=348529