https://www.taxtmi.com/caselaws?id=385791 Penalty under section 271(1)(c) requires a recorded finding that the assessee concealed income or furnished inaccurate particulars. Where the assessment order contains no such satisfaction, and the dispute arises from omission in compliance with minimum alternate tax requirements under section 115JB, penalty is not sustainable. The materials disclosed the relevant figures and computation details, and the omission was treated as a legal or accounting error rather than deliberate concealment. Mere acceptance of the assessment or payment of tax does not, by itself, justify penalty. In the absence of a finding of concealment or inaccuracy, the penalty order was set aside. en-us Thu, 22 Aug 2019 00:00:00 +0530 Fri, 13 Sep 2019 06:01:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385791 Penalty under section 271(1)(c) requires a recorded finding that the assessee concealed income or furnished inaccurate particulars. Where the assessment order contains no such satisfaction, and the dispute arises from omission in compliance with minimum alternate tax requirements under section 115JB, penalty is not sustainable. The materials disclosed the relevant figures and computation details, and the omission was treated as a legal or accounting error rather than deliberate concealment. Mere acceptance of the assessment or payment of tax does not, by itself, justify penalty. In the absence of a finding of concealment or inaccuracy, the penalty order was set aside. Case-Laws Income Tax Thu, 22 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385791