https://www.taxtmi.com/caselaws?id=394878 The ITAT upheld the penalty imposed under section 271(1)(c) of the IT Act, emphasizing the necessity of a clear determination of charges during penalty proceedings. It found the assessee ineligible for exemption under section 54 due to lack of disclosure regarding the property's nature. The ITAT rejected the claim of a reduced penalty based on tax sought to be evaded and dismissed the assessee's argument of a mistaken belief in claiming the deduction. The Tribunal concluded that the penalty order was clear on the charge of furnishing inaccurate particulars of income, and declined to interfere with its previous decision, ultimately dismissing the assessee's Miscellaneous Application. en-us Fri, 21 Feb 2020 00:00:00 +0530 Tue, 28 Apr 2020 16:51:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394878 The ITAT upheld the penalty imposed under section 271(1)(c) of the IT Act, emphasizing the necessity of a clear determination of charges during penalty proceedings. It found the assessee ineligible for exemption under section 54 due to lack of disclosure regarding the property's nature. The ITAT rejected the claim of a reduced penalty based on tax sought to be evaded and dismissed the assessee's argument of a mistaken belief in claiming the deduction. The Tribunal concluded that the penalty order was clear on the charge of furnishing inaccurate particulars of income, and declined to interfere with its previous decision, ultimately dismissing the assessee's Miscellaneous Application. Case-Laws Income Tax Fri, 21 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394878