https://www.taxtmi.com/caselaws?id=272789 The Tribunal allowed the assessee's appeal and deleted the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that there was no evidence of concealment or furnishing inaccurate particulars of income, and without proof of such actions, the penalty was deemed unjustified. The decision aligned with a High Court ruling, emphasizing the importance of substantiated explanations to avoid penalties and the burden of proof on the tax authorities. en-us Wed, 12 Aug 2015 00:00:00 +0530 Fri, 18 May 2018 05:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272789 The Tribunal allowed the assessee's appeal and deleted the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that there was no evidence of concealment or furnishing inaccurate particulars of income, and without proof of such actions, the penalty was deemed unjustified. The decision aligned with a High Court ruling, emphasizing the importance of substantiated explanations to avoid penalties and the burden of proof on the tax authorities. Case-Laws Income Tax Wed, 12 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272789