https://www.taxtmi.com/caselaws?id=422804 The Tribunal ruled in favor of the assessee, overturning the decisions of lower authorities and allowing the appeal. It emphasized that the penalty under section 271(1)(c) of the Income Tax Act cannot be imposed unless there is clear tax evasion due to inaccurate particulars. As there was no tax evasion in this case, given the treatment of income under different heads, the Tribunal held that the penalty was unjustified. The judgment highlighted the necessity of establishing tax evasion as a prerequisite for imposing penalties under the Income Tax Act. en-us Fri, 20 May 2022 00:00:00 +0530 Sat, 21 May 2022 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422804 The Tribunal ruled in favor of the assessee, overturning the decisions of lower authorities and allowing the appeal. It emphasized that the penalty under section 271(1)(c) of the Income Tax Act cannot be imposed unless there is clear tax evasion due to inaccurate particulars. As there was no tax evasion in this case, given the treatment of income under different heads, the Tribunal held that the penalty was unjustified. The judgment highlighted the necessity of establishing tax evasion as a prerequisite for imposing penalties under the Income Tax Act. Case-Laws Income Tax Fri, 20 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422804