https://www.taxtmi.com/caselaws?id=373580 The Tribunal dismissed the Department's appeal and upheld the decision of the ld. CIT(A) in a case concerning the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act. The Tribunal ruled that the denial of exemption under section 11 does not warrant penalty provisions as it does not constitute concealment or furnishing inaccurate particulars of income. Therefore, the Tribunal held that the denial of exemption does not justify the initiation of penalty proceedings, affirming the ld. CIT(A)'s decision in favor of the assessee. en-us Fri, 11 Jan 2019 00:00:00 +0530 Wed, 16 Jan 2019 09:57:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373580 The Tribunal dismissed the Department's appeal and upheld the decision of the ld. CIT(A) in a case concerning the initiation of penalty proceedings under section 271(1)(c) of the Income Tax Act. The Tribunal ruled that the denial of exemption under section 11 does not warrant penalty provisions as it does not constitute concealment or furnishing inaccurate particulars of income. Therefore, the Tribunal held that the denial of exemption does not justify the initiation of penalty proceedings, affirming the ld. CIT(A)'s decision in favor of the assessee. Case-Laws Income Tax Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373580