https://www.taxtmi.com/caselaws?id=388749 The Tribunal allowed the appeal of the assessee against the penalty imposed under section 271(1)(c) of the Income Tax Act, deleting the penalty amount of Rs. 2,76,012. The Tribunal found that since the bank account in question belonged to the Hindu Undivided Family (HUF) and not the assessee, the penalty was not justified. Additionally, the appeal against the addition of Rs. 8,20,000 made by the Assessing Officer was dismissed as the account belonged to the HUF, leading to the confirmation of the addition. The Tribunal also dismissed the Revenue's appeal based on CBDT Circular No.17 of 2019 due to the low tax effect below Rs. 50 lakhs. en-us Tue, 19 Nov 2019 00:00:00 +0530 Fri, 22 Nov 2019 10:00:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388749 The Tribunal allowed the appeal of the assessee against the penalty imposed under section 271(1)(c) of the Income Tax Act, deleting the penalty amount of Rs. 2,76,012. The Tribunal found that since the bank account in question belonged to the Hindu Undivided Family (HUF) and not the assessee, the penalty was not justified. Additionally, the appeal against the addition of Rs. 8,20,000 made by the Assessing Officer was dismissed as the account belonged to the HUF, leading to the confirmation of the addition. The Tribunal also dismissed the Revenue's appeal based on CBDT Circular No.17 of 2019 due to the low tax effect below Rs. 50 lakhs. Case-Laws Income Tax Tue, 19 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388749