https://www.taxtmi.com/caselaws?id=375429 The Tribunal ruled in favor of the assessee, setting aside the Commissioner of Income Tax (Appeals) orders and deleting the penalty levied under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that when the assessed income matches the returned income, the machinery provision for penalty fails, as per the decision in CIT vs. SAS Pharmaceuticals. It was clarified that the determination of concealment or inaccurate particulars must relate to the returned income during assessment proceedings. Therefore, the penalty was deemed unjustified, and the appeals by the assessee were allowed. en-us Tue, 01 Jan 2019 00:00:00 +0530 Mon, 18 Feb 2019 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375429 The Tribunal ruled in favor of the assessee, setting aside the Commissioner of Income Tax (Appeals) orders and deleting the penalty levied under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that when the assessed income matches the returned income, the machinery provision for penalty fails, as per the decision in CIT vs. SAS Pharmaceuticals. It was clarified that the determination of concealment or inaccurate particulars must relate to the returned income during assessment proceedings. Therefore, the penalty was deemed unjustified, and the appeals by the assessee were allowed. Case-Laws Income Tax Tue, 01 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375429