https://www.taxtmi.com/caselaws?id=373835 The Tribunal found that the penalty imposed by the Assessing Officer (AO) and upheld by the ld. CIT(A) under section 271(1)(c) of the Income Tax Act was not justified as it was based on concealment of income rather than inaccurate particulars. The Tribunal ruled in favor of the assessee, deleting the penalty and emphasizing the importance of aligning the penalty charge with the grounds of initiation. en-us Thu, 17 Jan 2019 00:00:00 +0530 Mon, 21 Jan 2019 09:43:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373835 The Tribunal found that the penalty imposed by the Assessing Officer (AO) and upheld by the ld. CIT(A) under section 271(1)(c) of the Income Tax Act was not justified as it was based on concealment of income rather than inaccurate particulars. The Tribunal ruled in favor of the assessee, deleting the penalty and emphasizing the importance of aligning the penalty charge with the grounds of initiation. Case-Laws Income Tax Thu, 17 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373835