https://www.taxtmi.com/caselaws?id=350242 The ITAT allowed the appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The tribunal emphasized the need for concrete evidence of inaccurate particulars to justify the penalty, highlighting that doubts based on human probabilities were insufficient. The decision underscored the distinction between assessment and penalty proceedings, ultimately ruling in favor of the assessee due to the lack of evidence showing concealment or inaccuracies in income particulars. en-us Tue, 31 Oct 2017 00:00:00 +0530 Thu, 02 Nov 2017 08:05:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350242 The ITAT allowed the appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. The tribunal emphasized the need for concrete evidence of inaccurate particulars to justify the penalty, highlighting that doubts based on human probabilities were insufficient. The decision underscored the distinction between assessment and penalty proceedings, ultimately ruling in favor of the assessee due to the lack of evidence showing concealment or inaccuracies in income particulars. Case-Laws Income Tax Tue, 31 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350242