https://www.taxtmi.com/caselaws?id=401174 The Appellate Tribunal ITAT Delhi ruled in favor of the appellant, a real estate business, challenging a penalty of Rs. 15,45,000 under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The Tribunal found the Assessing Officer's inconsistency in mentioning concealment in the penalty order despite initiating penalty for inaccurate particulars. Emphasizing the importance of specifying the charge for penalty imposition, the Tribunal referred to judicial precedents and directed the deletion of the penalty due to the lack of clarity in the penalty initiation and imposition process. en-us Wed, 30 Sep 2020 00:00:00 +0530 Mon, 30 Nov 2020 10:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401174 The Appellate Tribunal ITAT Delhi ruled in favor of the appellant, a real estate business, challenging a penalty of Rs. 15,45,000 under section 271(1)(c) of the Income Tax Act for furnishing inaccurate particulars of income. The Tribunal found the Assessing Officer's inconsistency in mentioning concealment in the penalty order despite initiating penalty for inaccurate particulars. Emphasizing the importance of specifying the charge for penalty imposition, the Tribunal referred to judicial precedents and directed the deletion of the penalty due to the lack of clarity in the penalty initiation and imposition process. Case-Laws Income Tax Wed, 30 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401174