https://www.taxtmi.com/caselaws?id=377040 The Income Tax Appellate Tribunal (ITAT) set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs. 93,97,840/-, as the assessee did not furnish inaccurate particulars of income. The tribunal emphasized the distinction between penalty and assessment proceedings, requiring primary evidence of concealment or inaccurate particulars. Discrepancies in certificates regarding the land's distance from municipal limits were deemed differences of opinion, not deliberate inaccuracies. The ITAT ruled in favor of the assessee, directing the deletion of the penalty and emphasizing the lack of justification for its imposition. en-us Wed, 09 Jan 2019 00:00:00 +0530 Tue, 19 Mar 2019 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377040 The Income Tax Appellate Tribunal (ITAT) set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, amounting to Rs. 93,97,840/-, as the assessee did not furnish inaccurate particulars of income. The tribunal emphasized the distinction between penalty and assessment proceedings, requiring primary evidence of concealment or inaccurate particulars. Discrepancies in certificates regarding the land's distance from municipal limits were deemed differences of opinion, not deliberate inaccuracies. The ITAT ruled in favor of the assessee, directing the deletion of the penalty and emphasizing the lack of justification for its imposition. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377040