https://www.taxtmi.com/caselaws?id=420238 The Tribunal allowed the assessee's appeal and canceled the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the lack of dishonest intent or concealment of income, as the disputed claim did not involve false explanations or unsubstantiated expenses. Referring to a previous favorable decision for the assessee, the Tribunal emphasized the absence of inaccurate particulars warranting the imposition of penalties. The penalty was thus revoked in favor of the assessee. en-us Fri, 25 Mar 2022 00:00:00 +0530 Fri, 05 Aug 2022 18:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420238 The Tribunal allowed the assessee's appeal and canceled the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the lack of dishonest intent or concealment of income, as the disputed claim did not involve false explanations or unsubstantiated expenses. Referring to a previous favorable decision for the assessee, the Tribunal emphasized the absence of inaccurate particulars warranting the imposition of penalties. The penalty was thus revoked in favor of the assessee. Case-Laws Income Tax Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420238