https://www.taxtmi.com/caselaws?id=372981 The Tribunal ruled in favor of the assessee, canceling the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. It was held that there was no concealment of income or furnishing inaccurate particulars of income. The Tribunal emphasized the absence of willful intent and accepted explanations provided by the assessee regarding various issues such as treatment of expenditure, non-deduction of TDS, and omission of interest income. Consequently, the appeal of the assessee was allowed, and the decision was pronounced on 01 January 2019 in Chennai. en-us Tue, 01 Jan 2019 00:00:00 +0530 Tue, 12 Mar 2019 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372981 The Tribunal ruled in favor of the assessee, canceling the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. It was held that there was no concealment of income or furnishing inaccurate particulars of income. The Tribunal emphasized the absence of willful intent and accepted explanations provided by the assessee regarding various issues such as treatment of expenditure, non-deduction of TDS, and omission of interest income. Consequently, the appeal of the assessee was allowed, and the decision was pronounced on 01 January 2019 in Chennai. Case-Laws Income Tax Tue, 01 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372981