https://www.taxtmi.com/caselaws?id=408177 The ITAT Pune allowed the appeal, finding the penalty under section 271(1)(c) of the Income Tax Act unjustified. The court emphasized that the rejection of explanations alone does not warrant a penalty and highlighted the necessity of inaccurate particulars to invoke the penalty provision. As there was no finding of incorrect or false details provided by the appellant, the penalty was deemed unwarranted, leading to the deletion of the penalty amounting to &8377; 9,51,170. en-us Tue, 01 Jun 2021 00:00:00 +0530 Wed, 02 Jun 2021 08:40:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408177 The ITAT Pune allowed the appeal, finding the penalty under section 271(1)(c) of the Income Tax Act unjustified. The court emphasized that the rejection of explanations alone does not warrant a penalty and highlighted the necessity of inaccurate particulars to invoke the penalty provision. As there was no finding of incorrect or false details provided by the appellant, the penalty was deemed unwarranted, leading to the deletion of the penalty amounting to &8377; 9,51,170. Case-Laws Income Tax Tue, 01 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408177