https://www.taxtmi.com/caselaws?id=403979 The ITAT Bangalore allowed the appellant's appeal, deleting the penalty imposed by the Assessing Officer under section 271(1)(c) of the Act. The tribunal found that no additions were made by the Assessing Officer on the income offered during the search, and the penalty for furnishing inaccurate particulars was unwarranted. Citing Supreme Court and Bombay High Court decisions, the tribunal concluded that penalties could not be levied on income offered and taxed without any additions. The appeal was allowed, and the excessive penalty was deemed inappropriate, especially since the only addition was related to agricultural income, for which no penalty proceedings were initiated. en-us Wed, 10 Feb 2021 00:00:00 +0530 Tue, 29 Oct 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403979 The ITAT Bangalore allowed the appellant's appeal, deleting the penalty imposed by the Assessing Officer under section 271(1)(c) of the Act. The tribunal found that no additions were made by the Assessing Officer on the income offered during the search, and the penalty for furnishing inaccurate particulars was unwarranted. Citing Supreme Court and Bombay High Court decisions, the tribunal concluded that penalties could not be levied on income offered and taxed without any additions. The appeal was allowed, and the excessive penalty was deemed inappropriate, especially since the only addition was related to agricultural income, for which no penalty proceedings were initiated. Case-Laws Income Tax Wed, 10 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403979