https://www.taxtmi.com/caselaws?id=422255 The Tribunal set aside the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, concluding that the Assessee did not furnish inaccurate particulars of income with dishonest intent. The Tribunal found that the loss claimed was due to an inaccurate claim, not deliberate misinformation, and highlighted the importance of dishonest intent for invoking penalty provisions. The Assessee's appeal was allowed, directing the Assessing Officer to delete the penalty for the Assessment Year 2016-17. en-us Fri, 06 May 2022 00:00:00 +0530 Thu, 12 May 2022 08:45:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422255 The Tribunal set aside the penalty imposed by the Assessing Officer under section 271(1)(c) of the Income Tax Act, concluding that the Assessee did not furnish inaccurate particulars of income with dishonest intent. The Tribunal found that the loss claimed was due to an inaccurate claim, not deliberate misinformation, and highlighted the importance of dishonest intent for invoking penalty provisions. The Assessee's appeal was allowed, directing the Assessing Officer to delete the penalty for the Assessment Year 2016-17. Case-Laws Income Tax Fri, 06 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422255