https://www.taxtmi.com/caselaws?id=392344 The Tribunal allowed the assessee's appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act was incorrectly imposed. The Tribunal found that the penalty was levied for inaccurate particulars of income, while the charge was for concealment of income. Due to the AO's failure to specify the correct charge and lack of proper application of mind, the penalty was deemed unjustified. The Tribunal directed the AO to delete the penalty, emphasizing the need to meet the burden of proof for penalty imposition. en-us Fri, 07 Feb 2020 00:00:00 +0530 Tue, 18 Feb 2020 13:02:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392344 The Tribunal allowed the assessee's appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act was incorrectly imposed. The Tribunal found that the penalty was levied for inaccurate particulars of income, while the charge was for concealment of income. Due to the AO's failure to specify the correct charge and lack of proper application of mind, the penalty was deemed unjustified. The Tribunal directed the AO to delete the penalty, emphasizing the need to meet the burden of proof for penalty imposition. Case-Laws Income Tax Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392344