https://www.taxtmi.com/caselaws?id=280700 The ITAT ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The ITAT held that a mere change in the head of income, without deliberate concealment or furnishing inaccurate particulars, does not warrant a penalty. Emphasizing precedents, the ITAT directed the AO to cancel the penalty, allowing the appeal filed by the assessee. en-us Wed, 15 Jan 2014 00:00:00 +0530 Fri, 17 May 2019 20:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280700 The ITAT ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The ITAT held that a mere change in the head of income, without deliberate concealment or furnishing inaccurate particulars, does not warrant a penalty. Emphasizing precedents, the ITAT directed the AO to cancel the penalty, allowing the appeal filed by the assessee. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280700