https://www.taxtmi.com/caselaws?id=375269 The tribunal allowed the appeal of the assessee, setting aside the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the assessee's explanation was bona fide, no attempt to conceal income or furnish inaccurate particulars was made, and no prejudice was caused to the revenue. Therefore, the penalty was deleted, and the appellate order passed by the CIT(A) was overturned. en-us Fri, 08 Feb 2019 00:00:00 +0530 Sat, 16 Feb 2019 06:31:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375269 The tribunal allowed the appeal of the assessee, setting aside the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the assessee's explanation was bona fide, no attempt to conceal income or furnish inaccurate particulars was made, and no prejudice was caused to the revenue. Therefore, the penalty was deleted, and the appellate order passed by the CIT(A) was overturned. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375269