https://www.taxtmi.com/caselaws?id=279801 The ITAT allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the debatable nature of the transactions and the full disclosure of facts by the assessee, leading to the conclusion that there was no concealment of income or furnishing of inaccurate particulars. The ITAT emphasized that penalty proceedings are separate from assessment proceedings, and in this case, the penalty was not justified. en-us Thu, 28 Sep 2017 00:00:00 +0530 Sat, 06 Apr 2019 05:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279801 The ITAT allowed the appeal, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the debatable nature of the transactions and the full disclosure of facts by the assessee, leading to the conclusion that there was no concealment of income or furnishing of inaccurate particulars. The ITAT emphasized that penalty proceedings are separate from assessment proceedings, and in this case, the penalty was not justified. Case-Laws Income Tax Thu, 28 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279801