https://www.taxtmi.com/caselaws?id=420352 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to the absence of a specific charge and the appellant's full disclosure in the return of income, which did not constitute inaccurate particulars of income or concealment of income. The Tribunal ruled in favor of the appellant, concluding that the penalty could not be sustained as the Assessing Officer failed to specify the exact charge for the penalty and the appellant's disclosure of profit was considered a full disclosure, making the penalty unjustified. en-us Thu, 02 Dec 2021 00:00:00 +0530 Fri, 01 Apr 2022 08:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420352 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, due to the absence of a specific charge and the appellant's full disclosure in the return of income, which did not constitute inaccurate particulars of income or concealment of income. The Tribunal ruled in favor of the appellant, concluding that the penalty could not be sustained as the Assessing Officer failed to specify the exact charge for the penalty and the appellant's disclosure of profit was considered a full disclosure, making the penalty unjustified. Case-Laws Income Tax Thu, 02 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420352