https://www.taxtmi.com/caselaws?id=375650 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act on the respondent assessee for claiming excess loss of a textile unit post-demerger. The Court found that the assessee had promptly informed the Assessing Officer about the demerger scheme and had accurately disclosed the relevant information. It was determined that there was no intention to conceal income particulars or provide inaccurate information. Consequently, the Tax Appeal was dismissed, and the penalty deletion was affirmed. en-us Wed, 23 Jan 2019 00:00:00 +0530 Fri, 22 Feb 2019 06:13:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375650 The High Court upheld the Tribunal's decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act on the respondent assessee for claiming excess loss of a textile unit post-demerger. The Court found that the assessee had promptly informed the Assessing Officer about the demerger scheme and had accurately disclosed the relevant information. It was determined that there was no intention to conceal income particulars or provide inaccurate information. Consequently, the Tax Appeal was dismissed, and the penalty deletion was affirmed. Case-Laws Income Tax Wed, 23 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375650