https://www.taxtmi.com/caselaws?id=300791 The Appellate Tribunal ITAT Amritsar cancelled concealment penalties imposed by the AO for the assessment years 2001-02, 2002-03, and 2004-05. The Tribunal found that the AO failed to establish concealment or inaccuracy of particulars satisfactorily and lacked specificity in identifying the nature of the default. Consequently, the penalties were revoked due to the lack of a specific fault or charge, emphasizing the necessity for clear determination before imposing penalties under section 271(1)(c) of the Income Tax Act, 1961. en-us Fri, 27 May 2016 00:00:00 +0530 Thu, 24 Feb 2022 21:26:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300791 The Appellate Tribunal ITAT Amritsar cancelled concealment penalties imposed by the AO for the assessment years 2001-02, 2002-03, and 2004-05. The Tribunal found that the AO failed to establish concealment or inaccuracy of particulars satisfactorily and lacked specificity in identifying the nature of the default. Consequently, the penalties were revoked due to the lack of a specific fault or charge, emphasizing the necessity for clear determination before imposing penalties under section 271(1)(c) of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 27 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300791