https://www.taxtmi.com/caselaws?id=409525 The Tribunal allowed the appeal, ruling that the penalty imposed under section 271(1)(c) was unjustified. The penalty order was deemed untenable due to procedural flaws, including lack of specific grounds for penalty and denial of opportunity to the Assessee. The Tribunal held that disclosing all income particulars, even if an incorrect claim was made, did not warrant penalty imposition. The disallowance of depreciation and other issues raised by the Assessee were considered moot as the penalty was deleted based on legal principles and case law. en-us Fri, 02 Jul 2021 00:00:00 +0530 Sat, 10 Jul 2021 08:39:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409525 The Tribunal allowed the appeal, ruling that the penalty imposed under section 271(1)(c) was unjustified. The penalty order was deemed untenable due to procedural flaws, including lack of specific grounds for penalty and denial of opportunity to the Assessee. The Tribunal held that disclosing all income particulars, even if an incorrect claim was made, did not warrant penalty imposition. The disallowance of depreciation and other issues raised by the Assessee were considered moot as the penalty was deleted based on legal principles and case law. Case-Laws Income Tax Fri, 02 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409525