https://www.taxtmi.com/caselaws?id=409295 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that there was no deliberate intention to furnish inaccurate particulars or conceal income, as the liabilities were paid in subsequent years and the income was recorded in the books of accounts. The Tribunal concluded that the disputed amount was negligible compared to the total income, citing a Supreme Court judgment to support its decision. en-us Wed, 23 Jun 2021 00:00:00 +0530 Mon, 05 Jul 2021 08:25:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409295 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that there was no deliberate intention to furnish inaccurate particulars or conceal income, as the liabilities were paid in subsequent years and the income was recorded in the books of accounts. The Tribunal concluded that the disputed amount was negligible compared to the total income, citing a Supreme Court judgment to support its decision. Case-Laws Income Tax Wed, 23 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409295