https://www.taxtmi.com/caselaws?id=363346 The ITAT upheld the deletion of a penalty imposed by the AO under section 271(1)(c) of the Act. The case involved a dispute over the treatment of profit from the sale of flats by an assessee-firm. The ITAT found that the assessee had not furnished inaccurate particulars and had disclosed all relevant facts with a genuine difference of opinion on tax treatment. Emphasizing the importance of a plausible explanation and no concealment of facts, the ITAT dismissed the appeal filed by the AO, confirming the order of the FAA. en-us Fri, 18 May 2018 00:00:00 +0530 Wed, 11 Jul 2018 08:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363346 The ITAT upheld the deletion of a penalty imposed by the AO under section 271(1)(c) of the Act. The case involved a dispute over the treatment of profit from the sale of flats by an assessee-firm. The ITAT found that the assessee had not furnished inaccurate particulars and had disclosed all relevant facts with a genuine difference of opinion on tax treatment. Emphasizing the importance of a plausible explanation and no concealment of facts, the ITAT dismissed the appeal filed by the AO, confirming the order of the FAA. Case-Laws Income Tax Fri, 18 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363346