https://www.taxtmi.com/caselaws?id=279966 The appeal filed by the assessee against the penalty order under the Income Tax Act, 1961 was allowed. The penalty was deleted on legal grounds as it was deemed to be suffered from perversity, impropriety, and illegality. The Tribunal emphasized that penalty cannot be levied for both furnishing inaccurate particulars and concealment of income unless satisfaction is recorded under both limbs separately. The penalty order was set aside due to the lack of specific satisfaction recorded under each limb of section 271(1)(c), rendering the penalty illegal and unjustified. en-us Fri, 30 Nov 2018 00:00:00 +0530 Sat, 13 Apr 2019 05:44:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279966 The appeal filed by the assessee against the penalty order under the Income Tax Act, 1961 was allowed. The penalty was deleted on legal grounds as it was deemed to be suffered from perversity, impropriety, and illegality. The Tribunal emphasized that penalty cannot be levied for both furnishing inaccurate particulars and concealment of income unless satisfaction is recorded under both limbs separately. The penalty order was set aside due to the lack of specific satisfaction recorded under each limb of section 271(1)(c), rendering the penalty illegal and unjustified. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279966