https://www.taxtmi.com/caselaws?id=373688 The Tribunal upheld the decision to delete the penalty of Rs. 46,15,157/- imposed under Section 271(1)(c) for furnishing inaccurate particulars of income. The Tribunal emphasized that the penalty cannot be automatically levied simply because the quantum addition was confirmed and that the conditions under Section 271(1)(c) must be strictly met. The department's appeal against the deletion of the penalty was dismissed, and the assessee's Cross Objection was also dismissed as not pressed. en-us Wed, 16 Jan 2019 00:00:00 +0530 Thu, 17 Jan 2019 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373688 The Tribunal upheld the decision to delete the penalty of Rs. 46,15,157/- imposed under Section 271(1)(c) for furnishing inaccurate particulars of income. The Tribunal emphasized that the penalty cannot be automatically levied simply because the quantum addition was confirmed and that the conditions under Section 271(1)(c) must be strictly met. The department's appeal against the deletion of the penalty was dismissed, and the assessee's Cross Objection was also dismissed as not pressed. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373688