https://www.taxtmi.com/caselaws?id=422469 The Tribunal allowed the appeal, concluding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not sustainable. The penalty was deemed invalid due to the absence of a specific charge in the show-cause notice and the assessee's bona fide belief in disclosing income. The Tribunal found no intention to conceal income or furnish inaccurate particulars, ultimately deleting the penalty. en-us Wed, 04 May 2022 00:00:00 +0530 Mon, 16 May 2022 08:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422469 The Tribunal allowed the appeal, concluding that the penalty imposed under Section 271(1)(c) of the Income Tax Act was not sustainable. The penalty was deemed invalid due to the absence of a specific charge in the show-cause notice and the assessee's bona fide belief in disclosing income. The Tribunal found no intention to conceal income or furnish inaccurate particulars, ultimately deleting the penalty. Case-Laws Income Tax Wed, 04 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422469