https://www.taxtmi.com/caselaws?id=411868 The Tribunal upheld the decision of the CIT (A) in deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. It ruled that the penalty was not justified as there was no concealment or furnishing of inaccurate particulars by the assessee. The disclosed income of the partnership firm was accepted during assessment proceedings without any discrepancies, and the penalty was imposed solely on a presumption without factual basis, leading to the dismissal of the Revenue's appeal. en-us Tue, 02 Mar 2021 00:00:00 +0530 Mon, 06 Sep 2021 11:25:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411868 The Tribunal upheld the decision of the CIT (A) in deleting the penalty imposed under section 271(1)(c) of the Income Tax Act. It ruled that the penalty was not justified as there was no concealment or furnishing of inaccurate particulars by the assessee. The disclosed income of the partnership firm was accepted during assessment proceedings without any discrepancies, and the penalty was imposed solely on a presumption without factual basis, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411868