https://www.taxtmi.com/caselaws?id=381357 The appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for inaccurately disclosing income related to interest on income tax refunds was successful. The court found that the Revenue failed to specify the inaccurate particulars of income, and since Form 26AS marked the interest column as 'not applicable,' penalizing the assessee was deemed inappropriate. Both the Assessing Officer and the CIT(A) concluded that the penalty imposition was incorrect, leading to the allowance of the assessee's appeal. Consequently, the penalty under section 271(1)(c) was set aside, and the judgment was delivered on 7th June 2019. en-us Fri, 07 Jun 2019 00:00:00 +0530 Mon, 10 Jun 2019 06:12:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381357 The appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for inaccurately disclosing income related to interest on income tax refunds was successful. The court found that the Revenue failed to specify the inaccurate particulars of income, and since Form 26AS marked the interest column as 'not applicable,' penalizing the assessee was deemed inappropriate. Both the Assessing Officer and the CIT(A) concluded that the penalty imposition was incorrect, leading to the allowance of the assessee's appeal. Consequently, the penalty under section 271(1)(c) was set aside, and the judgment was delivered on 7th June 2019. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381357