https://www.taxtmi.com/caselaws?id=357452 The Tribunal ruled in favor of the appellant in the appeal against the penalty levied under section 271(1)(c) for A.Y 2008-09. The penalty order was challenged on grounds of lack of specific reasons for initiating penalty proceedings and ambiguity in stating whether it was for inaccurate particulars of income or concealment of income. The Tribunal found that the penalty was invalid as it was based on the disallowance of a legal claim under Section 54F, not on concealment or furnishing inaccurate particulars of income. Therefore, the penalty imposed by the Assessing Officer was deleted. en-us Wed, 21 Mar 2018 00:00:00 +0530 Fri, 23 Mar 2018 07:14:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357452 The Tribunal ruled in favor of the appellant in the appeal against the penalty levied under section 271(1)(c) for A.Y 2008-09. The penalty order was challenged on grounds of lack of specific reasons for initiating penalty proceedings and ambiguity in stating whether it was for inaccurate particulars of income or concealment of income. The Tribunal found that the penalty was invalid as it was based on the disallowance of a legal claim under Section 54F, not on concealment or furnishing inaccurate particulars of income. Therefore, the penalty imposed by the Assessing Officer was deleted. Case-Laws Income Tax Wed, 21 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357452