https://www.taxtmi.com/caselaws?id=403181 The Tribunal allowed the appeal of the assessee and directed the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act for the disallowance under section 14A. The Tribunal emphasized the necessity of clear satisfaction for either concealment or inaccurate particulars under section 271(1)(c) and ruled that penalty cannot be imposed for one limb while the penalty proceedings are initiated for a breach of another limb. en-us Wed, 16 Dec 2020 00:00:00 +0530 Thu, 21 Jan 2021 09:54:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403181 The Tribunal allowed the appeal of the assessee and directed the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act for the disallowance under section 14A. The Tribunal emphasized the necessity of clear satisfaction for either concealment or inaccurate particulars under section 271(1)(c) and ruled that penalty cannot be imposed for one limb while the penalty proceedings are initiated for a breach of another limb. Case-Laws Income Tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403181