https://www.taxtmi.com/caselaws?id=374894 The Appellate Tribunal ruled in favor of the assessee, annulling the penalty of ? 5,10,369 imposed under section 271(1)(c) for the assessment year 2010-11. The Tribunal held that there was no concealment or furnishing of inaccurate particulars, emphasizing that a mere disagreement between the Assessing Officer and the assessee does not warrant the imposition of a penalty. This decision was based on the principle established in the case law of Reliance Petroproducts Pvt. Ltd., indicating that penalties under section 271(1)(c) should not be levied solely on the basis of such disagreements. en-us Thu, 07 Feb 2019 00:00:00 +0530 Tue, 12 Feb 2019 07:06:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374894 The Appellate Tribunal ruled in favor of the assessee, annulling the penalty of ? 5,10,369 imposed under section 271(1)(c) for the assessment year 2010-11. The Tribunal held that there was no concealment or furnishing of inaccurate particulars, emphasizing that a mere disagreement between the Assessing Officer and the assessee does not warrant the imposition of a penalty. This decision was based on the principle established in the case law of Reliance Petroproducts Pvt. Ltd., indicating that penalties under section 271(1)(c) should not be levied solely on the basis of such disagreements. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374894