https://www.taxtmi.com/caselaws?id=373478 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had not furnished inaccurate particulars of income or concealed income, as the disallowance was due to the rate of deduction claimed, which was considered bona fide. The Tribunal referenced relevant case law and concluded that the penalty was not justified. The appeal was allowed, and the penalty was canceled on 09.01.2019. en-us Wed, 09 Jan 2019 00:00:00 +0530 Thu, 10 Jan 2019 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373478 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the assessee had not furnished inaccurate particulars of income or concealed income, as the disallowance was due to the rate of deduction claimed, which was considered bona fide. The Tribunal referenced relevant case law and concluded that the penalty was not justified. The appeal was allowed, and the penalty was canceled on 09.01.2019. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373478