https://www.taxtmi.com/caselaws?id=421000 The Appellate Tribunal allowed the appeal by the assessee and set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the Assessment Year 2015-16. The Tribunal found that there was no dishonest intent in omitting expenses from the tax return, as they were directly linked to disclosed property purchases, and all relevant documents were submitted during assessment proceedings, indicating no malicious intent. Consequently, the Tribunal held that the penalty was not sustainable and directed the Assessing Officer to delete the penalty. en-us Wed, 23 Mar 2022 00:00:00 +0530 Fri, 15 Apr 2022 08:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421000 The Appellate Tribunal allowed the appeal by the assessee and set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the Assessment Year 2015-16. The Tribunal found that there was no dishonest intent in omitting expenses from the tax return, as they were directly linked to disclosed property purchases, and all relevant documents were submitted during assessment proceedings, indicating no malicious intent. Consequently, the Tribunal held that the penalty was not sustainable and directed the Assessing Officer to delete the penalty. Case-Laws Income Tax Wed, 23 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421000