https://www.taxtmi.com/caselaws?id=295629 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment year 2005-06. The Tribunal held that the penalty was not sustainable due to the lack of a specific finding by the Assessing Officer regarding whether it was imposed for concealment of income or furnishing inaccurate particulars. The penalty order was deemed inconsistent and unsustainable, leading to the cancellation of the penalty imposed by the AO. en-us Fri, 16 Nov 2018 00:00:00 +0530 Sat, 12 Jun 2021 08:44:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295629 The Tribunal allowed the assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act for the Assessment year 2005-06. The Tribunal held that the penalty was not sustainable due to the lack of a specific finding by the Assessing Officer regarding whether it was imposed for concealment of income or furnishing inaccurate particulars. The penalty order was deemed inconsistent and unsustainable, leading to the cancellation of the penalty imposed by the AO. Case-Laws Income Tax Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295629