https://www.taxtmi.com/caselaws?id=16583 The High Court upheld the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 in a case where the Tribunal had sustained a trading addition but cancelled the penalty. The Court found that the assessee had not furnished inaccurate particulars of income and there was no evidence of deliberate concealment, rendering the penalty unjustified. The Court emphasized the necessity of proving inaccurate particulars or concealment to impose penalties under the Act, ultimately rejecting the reference and affirming the cancellation of the penalty. en-us Mon, 17 Aug 1998 00:00:00 +0530 Tue, 08 Sep 2009 16:17:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16583 The High Court upheld the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961 in a case where the Tribunal had sustained a trading addition but cancelled the penalty. The Court found that the assessee had not furnished inaccurate particulars of income and there was no evidence of deliberate concealment, rendering the penalty unjustified. The Court emphasized the necessity of proving inaccurate particulars or concealment to impose penalties under the Act, ultimately rejecting the reference and affirming the cancellation of the penalty. Case-Laws Income Tax Mon, 17 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16583