https://www.taxtmi.com/caselaws?id=299791 The Tribunal allowed the assessee's appeal, ruling that the penalty under section 271(1)(c) was not justified as the addition was based on the deeming provisions of section 50C, and there was no evidence of actual receipt of an amount higher than what was disclosed. The Tribunal concluded that penalty cannot be imposed on income determined based on deeming provisions, as it does not amount to concealment or furnishing inaccurate particulars of income. Therefore, the penalty imposed by the Assessing Officer and upheld by the CIT(A) was set aside. en-us Mon, 20 Mar 2017 00:00:00 +0530 Thu, 30 Dec 2021 08:30:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299791 The Tribunal allowed the assessee's appeal, ruling that the penalty under section 271(1)(c) was not justified as the addition was based on the deeming provisions of section 50C, and there was no evidence of actual receipt of an amount higher than what was disclosed. The Tribunal concluded that penalty cannot be imposed on income determined based on deeming provisions, as it does not amount to concealment or furnishing inaccurate particulars of income. Therefore, the penalty imposed by the Assessing Officer and upheld by the CIT(A) was set aside. Case-Laws Income Tax Mon, 20 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299791