https://www.taxtmi.com/caselaws?id=373360 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act by the CIT(A) for the assessment year 2007-08. The penalty was imposed by the Assessing Officer based on alleged concealment and furnishing of inaccurate particulars of income, which the CIT(A) later deleted after considering the genuineness of the transactions and the circumstances surrounding the reconciliation challenges faced by the assessee. The Tribunal affirmed the CIT(A)'s decision, dismissing the Revenue's appeal and concluding that the penalty was not justified in this case. en-us Wed, 02 Jan 2019 00:00:00 +0530 Fri, 11 Jan 2019 11:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373360 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the Income Tax Act by the CIT(A) for the assessment year 2007-08. The penalty was imposed by the Assessing Officer based on alleged concealment and furnishing of inaccurate particulars of income, which the CIT(A) later deleted after considering the genuineness of the transactions and the circumstances surrounding the reconciliation challenges faced by the assessee. The Tribunal affirmed the CIT(A)'s decision, dismissing the Revenue's appeal and concluding that the penalty was not justified in this case. Case-Laws Income Tax Wed, 02 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373360