https://www.taxtmi.com/caselaws?id=410741 The Tribunal allowed the appeal of the assessee in a case challenging a penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the Assessing Officer failed to establish the satisfaction of both charges of concealment and furnishing inaccurate particulars necessary for the penalty. Citing legal precedents, the Tribunal concluded that the penalty was unjustified, leading to the deletion of the penalty amount of Rs. 1,39,050. The decision emphasized the importance of proper demonstration of grounds for penalties under the Income Tax Act before imposition. en-us Tue, 23 Mar 2021 00:00:00 +0530 Mon, 09 Aug 2021 08:52:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410741 The Tribunal allowed the appeal of the assessee in a case challenging a penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the Assessing Officer failed to establish the satisfaction of both charges of concealment and furnishing inaccurate particulars necessary for the penalty. Citing legal precedents, the Tribunal concluded that the penalty was unjustified, leading to the deletion of the penalty amount of Rs. 1,39,050. The decision emphasized the importance of proper demonstration of grounds for penalties under the Income Tax Act before imposition. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410741