https://www.taxtmi.com/caselaws?id=368827 The tribunal upheld the decision of the CIT(A) to delete the penalty under section 271(1)(c) for the assessment year 2004-05. The tribunal found that the assessee had not concealed income or furnished inaccurate particulars, attributing the mistake to inadvertent human error. Considering the closure of the appellant's business and accumulated losses, the tribunal deemed the explanation provided reasonable and declined to interfere, citing a Supreme Court judgment that the penalty imposition was not justified in this case. The appeal was dismissed, affirming the deletion of the penalty based on the absence of deliberate concealment or inaccurate particulars. en-us Tue, 09 Oct 2018 00:00:00 +0530 Mon, 15 Oct 2018 14:14:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368827 The tribunal upheld the decision of the CIT(A) to delete the penalty under section 271(1)(c) for the assessment year 2004-05. The tribunal found that the assessee had not concealed income or furnished inaccurate particulars, attributing the mistake to inadvertent human error. Considering the closure of the appellant's business and accumulated losses, the tribunal deemed the explanation provided reasonable and declined to interfere, citing a Supreme Court judgment that the penalty imposition was not justified in this case. The appeal was dismissed, affirming the deletion of the penalty based on the absence of deliberate concealment or inaccurate particulars. Case-Laws Income Tax Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368827