https://www.taxtmi.com/caselaws?id=403955 The Tribunal allowed the appeal of the assessee, reversing the penalty imposed under section 271(1)(c) of the Income Tax Act for inaccurate particulars of income related to the disallowance of legal and professional fees. The Tribunal found that the expenses were reversed due to services not being provided by the original parties as anticipated, and concluded that no inaccurate particulars were furnished as full facts were disclosed to the assessing officer. Consequently, the Tribunal directed the assessing officer to delete the penalty, holding that the explanation provided by the assessee was not properly considered by the lower authorities. en-us Thu, 24 Dec 2020 00:00:00 +0530 Fri, 12 Feb 2021 12:01:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403955 The Tribunal allowed the appeal of the assessee, reversing the penalty imposed under section 271(1)(c) of the Income Tax Act for inaccurate particulars of income related to the disallowance of legal and professional fees. The Tribunal found that the expenses were reversed due to services not being provided by the original parties as anticipated, and concluded that no inaccurate particulars were furnished as full facts were disclosed to the assessing officer. Consequently, the Tribunal directed the assessing officer to delete the penalty, holding that the explanation provided by the assessee was not properly considered by the lower authorities. Case-Laws Income Tax Thu, 24 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403955