https://www.taxtmi.com/caselaws?id=195090 The Tribunal allowed all appeals and canceled the penalties under section 271(1)(c) of the Income Tax Act. It held that the assessee had disclosed all material facts, substantiated explanations with evidence, and the claims were not false or bogus. The Tribunal found the penalty inappropriate as there was no evidence of furnishing inaccurate particulars of income. The orders of the lower authorities were set aside, and penalties were canceled for all the assessees involved in the appeals. en-us Wed, 27 Apr 2016 00:00:00 +0530 Sat, 14 Oct 2017 07:54:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195090 The Tribunal allowed all appeals and canceled the penalties under section 271(1)(c) of the Income Tax Act. It held that the assessee had disclosed all material facts, substantiated explanations with evidence, and the claims were not false or bogus. The Tribunal found the penalty inappropriate as there was no evidence of furnishing inaccurate particulars of income. The orders of the lower authorities were set aside, and penalties were canceled for all the assessees involved in the appeals. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195090