https://www.taxtmi.com/caselaws?id=401430 The High Court allowed the Assessee's appeal, holding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was unjustified. The Court found that the Assessee had not concealed income or furnished inaccurate particulars but had disclosed all relevant facts. The Court criticized the AO's computation of penalty based on a "reduction of loss" and the subsequent rectification order under Section 154. The Court concluded that the penalty requirements were not met, leading to the appeal being allowed in favor of the Assessee. en-us Mon, 30 Nov 2020 00:00:00 +0530 Mon, 18 Jan 2021 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401430 The High Court allowed the Assessee's appeal, holding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was unjustified. The Court found that the Assessee had not concealed income or furnished inaccurate particulars but had disclosed all relevant facts. The Court criticized the AO's computation of penalty based on a "reduction of loss" and the subsequent rectification order under Section 154. The Court concluded that the penalty requirements were not met, leading to the appeal being allowed in favor of the Assessee. Case-Laws Income Tax Mon, 30 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401430