https://www.taxtmi.com/caselaws?id=389614 The Tribunal allowed the Assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal held that the Assessee had not furnished inaccurate particulars of income but had wrongly claimed deductions, which did not warrant the penalty. Relying on the Supreme Court's judgment in CIT Vs. Reliance Petro Products Ltd, the Tribunal concluded that the penalty was unjustifiable and deleted it. The penalty imposed by the lower authorities was set aside, and the Assessee's appeal was allowed. en-us Fri, 06 Dec 2019 00:00:00 +0530 Thu, 12 Dec 2019 13:20:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389614 The Tribunal allowed the Assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal held that the Assessee had not furnished inaccurate particulars of income but had wrongly claimed deductions, which did not warrant the penalty. Relying on the Supreme Court's judgment in CIT Vs. Reliance Petro Products Ltd, the Tribunal concluded that the penalty was unjustifiable and deleted it. The penalty imposed by the lower authorities was set aside, and the Assessee's appeal was allowed. Case-Laws Income Tax Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389614