https://www.taxtmi.com/caselaws?id=399688 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the interpretation of the law regarding concealment of income and furnishing inaccurate particulars, emphasizing that mere disallowance of a claim does not automatically warrant a penalty. The Tribunal ruled in favor of the assessee, setting aside the penalty based on the principles governing the levy of penalties under the specified section. en-us Wed, 14 Oct 2020 00:00:00 +0530 Fri, 16 Oct 2020 13:54:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399688 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The decision was based on the interpretation of the law regarding concealment of income and furnishing inaccurate particulars, emphasizing that mere disallowance of a claim does not automatically warrant a penalty. The Tribunal ruled in favor of the assessee, setting aside the penalty based on the principles governing the levy of penalties under the specified section. Case-Laws Income Tax Wed, 14 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399688