https://www.taxtmi.com/caselaws?id=384154 The Appellate Tribunal ITAT DELHI allowed the appeal of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the assessee had disclosed all material facts, and there was no intention to conceal income or furnish inaccurate particulars. It was highlighted that the penalty proceedings were distinct from the assessment proceedings. The Tribunal concluded that the penalty need not be imposed in the circumstances of the case, setting aside the orders of the authorities below and canceling the penalty. en-us Wed, 03 Apr 2019 00:00:00 +0530 Tue, 06 Aug 2019 12:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384154 The Appellate Tribunal ITAT DELHI allowed the appeal of the assessee, canceling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal emphasized that the assessee had disclosed all material facts, and there was no intention to conceal income or furnish inaccurate particulars. It was highlighted that the penalty proceedings were distinct from the assessment proceedings. The Tribunal concluded that the penalty need not be imposed in the circumstances of the case, setting aside the orders of the authorities below and canceling the penalty. Case-Laws Income Tax Wed, 03 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384154