https://www.taxtmi.com/caselaws?id=382485 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2012-13, ruling in favor of the assessee. The Tribunal found the notice specifying charges to be invalid, highlighting the lack of specific charges related to concealment of income or inaccurate particulars. It emphasized that penalty proceedings should only be initiated in cases of concealment or inaccurate particulars, noting the genuine belief of the assessee regarding TDS deductions and the absence of intention to conceal income. The appeal of the assessee was allowed, and the penalty was overturned. en-us Tue, 02 Jul 2019 00:00:00 +0530 Thu, 04 Jul 2019 09:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382485 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act for Assessment Year 2012-13, ruling in favor of the assessee. The Tribunal found the notice specifying charges to be invalid, highlighting the lack of specific charges related to concealment of income or inaccurate particulars. It emphasized that penalty proceedings should only be initiated in cases of concealment or inaccurate particulars, noting the genuine belief of the assessee regarding TDS deductions and the absence of intention to conceal income. The appeal of the assessee was allowed, and the penalty was overturned. Case-Laws Income Tax Tue, 02 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382485