https://www.taxtmi.com/caselaws?id=384802 The ITAT Pune allowed the appeals for A.Ys. 2006-07 and 2007-08, ruling in favor of the assessee in a case concerning penalty under section 271(1)(c) of the Income Tax Act 1961. The tribunal found no concealment of income, emphasizing the importance of genuine disclosures and accepted returns. The penalties imposed by the AO and upheld by the CIT(A) were deleted, providing relief to the assessee. The judgment underscored that penalties should not be imposed when there is no concealment of income, showcasing the meticulous analysis by the ITAT Pune. en-us Mon, 19 Aug 2019 00:00:00 +0530 Thu, 22 Aug 2019 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384802 The ITAT Pune allowed the appeals for A.Ys. 2006-07 and 2007-08, ruling in favor of the assessee in a case concerning penalty under section 271(1)(c) of the Income Tax Act 1961. The tribunal found no concealment of income, emphasizing the importance of genuine disclosures and accepted returns. The penalties imposed by the AO and upheld by the CIT(A) were deleted, providing relief to the assessee. The judgment underscored that penalties should not be imposed when there is no concealment of income, showcasing the meticulous analysis by the ITAT Pune. Case-Laws Income Tax Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384802