https://www.taxtmi.com/caselaws?id=350499 The ITAT upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) of the Income Tax Act for the assessment years 2011-12 and 2012-13. The revenue's appeals were dismissed, and the assessee's appeal was allowed. The case highlighted that penalties for concealment or inaccurate particulars of income require clear evidence, which was not present in this instance due to the assessee's full disclosure and bona fide claims, leading to the penalties being deleted. en-us Mon, 30 Oct 2017 00:00:00 +0530 Tue, 07 Nov 2017 06:47:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350499 The ITAT upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) of the Income Tax Act for the assessment years 2011-12 and 2012-13. The revenue's appeals were dismissed, and the assessee's appeal was allowed. The case highlighted that penalties for concealment or inaccurate particulars of income require clear evidence, which was not present in this instance due to the assessee's full disclosure and bona fide claims, leading to the penalties being deleted. Case-Laws Income Tax Mon, 30 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350499