https://www.taxtmi.com/caselaws?id=411007 The Tribunal ruled in favor of the assessee, finding that the penalty under section 271(1)(c) was not justified as deliberate concealment or furnishing of inaccurate particulars was not proven. It emphasized the separate nature of penalty proceedings from assessment proceedings and the importance of clear evidence for penalty imposition. The Tribunal also held that the penalty computation was incorrect regarding the section 10A claim and non-realization of export proceeds. The appeal was allowed, and the penalty was deleted, highlighting the necessity for substantiated grounds to levy penalties under section 271(1)(c). en-us Wed, 11 Aug 2021 00:00:00 +0530 Sat, 14 Aug 2021 09:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411007 The Tribunal ruled in favor of the assessee, finding that the penalty under section 271(1)(c) was not justified as deliberate concealment or furnishing of inaccurate particulars was not proven. It emphasized the separate nature of penalty proceedings from assessment proceedings and the importance of clear evidence for penalty imposition. The Tribunal also held that the penalty computation was incorrect regarding the section 10A claim and non-realization of export proceeds. The appeal was allowed, and the penalty was deleted, highlighting the necessity for substantiated grounds to levy penalties under section 271(1)(c). Case-Laws Income Tax Wed, 11 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411007