https://www.taxtmi.com/caselaws?id=282334 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. It concluded that the assessee had disclosed the income in the return, paid the due taxes, and there was no concealment or furnishing of inaccurate particulars. The Tribunal found that the reclassification of income by the AO did not justify the penalty, and the principles of natural justice were not violated. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. en-us Fri, 25 Jan 2019 00:00:00 +0530 Sat, 03 Aug 2019 06:25:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282334 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. It concluded that the assessee had disclosed the income in the return, paid the due taxes, and there was no concealment or furnishing of inaccurate particulars. The Tribunal found that the reclassification of income by the AO did not justify the penalty, and the principles of natural justice were not violated. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty. Case-Laws Income Tax Fri, 25 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282334