https://www.taxtmi.com/caselaws?id=406974 The Tribunal upheld the decision of the CIT(A) to delete a penalty of Rs. 2,26,23,440 imposed under section 271(1)(c) of the Income-tax Act, 1961 for non-disclosure of income. The penalty order was deemed invalid as the notice issued by the Assessing Officer contained both limbs of concealment of income and furnishing inaccurate particulars, but the penalty was imposed only for concealment. Failure to strike off the inapplicable portion of the notice rendered the penalty order legally unsustainable, leading to the dismissal of the Revenue's appeal. en-us Mon, 26 Apr 2021 00:00:00 +0530 Tue, 27 Apr 2021 12:17:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406974 The Tribunal upheld the decision of the CIT(A) to delete a penalty of Rs. 2,26,23,440 imposed under section 271(1)(c) of the Income-tax Act, 1961 for non-disclosure of income. The penalty order was deemed invalid as the notice issued by the Assessing Officer contained both limbs of concealment of income and furnishing inaccurate particulars, but the penalty was imposed only for concealment. Failure to strike off the inapplicable portion of the notice rendered the penalty order legally unsustainable, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 26 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406974