https://www.taxtmi.com/caselaws?id=420081 The Tribunal set aside the decision of the Commissioner of Income Tax (Appeals) and directed the Assessing Officer to delete the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that although the claim for deduction was incorrect, it did not amount to furnishing inaccurate particulars of income or concealment of income as there was no evidence of deliberate dishonesty or misleading intent by the assessee. The Tribunal stressed the importance of establishing conscious dishonesty to invoke penalty provisions under the Act. en-us Thu, 16 Dec 2021 00:00:00 +0530 Sat, 26 Mar 2022 08:59:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420081 The Tribunal set aside the decision of the Commissioner of Income Tax (Appeals) and directed the Assessing Officer to delete the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal emphasized that although the claim for deduction was incorrect, it did not amount to furnishing inaccurate particulars of income or concealment of income as there was no evidence of deliberate dishonesty or misleading intent by the assessee. The Tribunal stressed the importance of establishing conscious dishonesty to invoke penalty provisions under the Act. Case-Laws Income Tax Thu, 16 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420081