https://www.taxtmi.com/caselaws?id=378388 The Tribunal allowed the appeal, deleting the penalty of Rs. 2,15,500 imposed on the assessee under section 271(1)(c) of the Income Tax Act. Relying on judicial precedent, the Tribunal concluded that surrendering exemption during assessment proceedings did not constitute furnishing inaccurate particulars of income. The Tribunal found the facts similar to a previous case where the penalty was deleted, leading to the decision in favor of the assessee in this case. en-us Fri, 12 Apr 2019 00:00:00 +0530 Mon, 15 Apr 2019 07:08:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378388 The Tribunal allowed the appeal, deleting the penalty of Rs. 2,15,500 imposed on the assessee under section 271(1)(c) of the Income Tax Act. Relying on judicial precedent, the Tribunal concluded that surrendering exemption during assessment proceedings did not constitute furnishing inaccurate particulars of income. The Tribunal found the facts similar to a previous case where the penalty was deleted, leading to the decision in favor of the assessee in this case. Case-Laws Income Tax Fri, 12 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378388