https://www.taxtmi.com/caselaws?id=410529 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the assessee had not furnished inaccurate particulars of income or concealed income. The claims were made in good faith, and all relevant details were provided. Consequently, the penalties imposed on the assessees were deleted, and their appeals were allowed. The decision applied mutatis mutandis to the co-owner's case as well. en-us Tue, 27 Jul 2021 00:00:00 +0530 Wed, 04 Aug 2021 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410529 The Tribunal held that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the assessee had not furnished inaccurate particulars of income or concealed income. The claims were made in good faith, and all relevant details were provided. Consequently, the penalties imposed on the assessees were deleted, and their appeals were allowed. The decision applied mutatis mutandis to the co-owner's case as well. Case-Laws Income Tax Tue, 27 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410529