https://www.taxtmi.com/caselaws?id=400043 The ITAT allowed the appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act could not be sustained. The Tribunal found that since the additions forming the basis of the penalty were deleted in quantum appeals by the Ld. CIT(A) and ITAT, the penalty for concealment of income and furnishing inaccurate particulars was invalid. The Tribunal's decision resulted in the deletion of the impugned penalty, favoring the Assessee. en-us Tue, 20 Oct 2020 00:00:00 +0530 Tue, 05 Nov 2024 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400043 The ITAT allowed the appeal, ruling that the penalty under section 271(1)(c) of the Income Tax Act could not be sustained. The Tribunal found that since the additions forming the basis of the penalty were deleted in quantum appeals by the Ld. CIT(A) and ITAT, the penalty for concealment of income and furnishing inaccurate particulars was invalid. The Tribunal's decision resulted in the deletion of the impugned penalty, favoring the Assessee. Case-Laws Income Tax Tue, 20 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400043