https://www.taxtmi.com/caselaws?id=408500 The ITAT Ahmedabad ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The case highlighted the importance of a clear determination on whether the penalty was for furnishing inaccurate particulars of income or concealment of income. The ITAT emphasized the necessity for specific findings in penalty orders, in line with relevant case law and the decision of the Jurisdictional High Court. The lack of a definitive reason for imposing the penalty rendered the penalty order unsustainable, leading to the allowance of the assessee's appeal. en-us Thu, 03 Jun 2021 00:00:00 +0530 Sat, 12 Jun 2021 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408500 The ITAT Ahmedabad ruled in favor of the assessee, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The case highlighted the importance of a clear determination on whether the penalty was for furnishing inaccurate particulars of income or concealment of income. The ITAT emphasized the necessity for specific findings in penalty orders, in line with relevant case law and the decision of the Jurisdictional High Court. The lack of a definitive reason for imposing the penalty rendered the penalty order unsustainable, leading to the allowance of the assessee's appeal. Case-Laws Income Tax Thu, 03 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408500