https://www.taxtmi.com/caselaws?id=407171 The appeal challenged the ITAT's decision to set aside a penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to lack of specification on whether the penalty was for concealment of income or furnishing inaccurate particulars. The court deliberated on the applicability of penalty provisions to the original or revised return of income under Section 153A of the Act, leaning towards applying the penalty to the revised return. Further examination and clarification were scheduled for the next hearing to review the notice and relevant documents, indicating unresolved issues in the appeal. en-us Tue, 27 Apr 2021 00:00:00 +0530 Sat, 01 May 2021 09:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407171 The appeal challenged the ITAT's decision to set aside a penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to lack of specification on whether the penalty was for concealment of income or furnishing inaccurate particulars. The court deliberated on the applicability of penalty provisions to the original or revised return of income under Section 153A of the Act, leaning towards applying the penalty to the revised return. Further examination and clarification were scheduled for the next hearing to review the notice and relevant documents, indicating unresolved issues in the appeal. Case-Laws Income Tax Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407171