https://www.taxtmi.com/caselaws?id=423392 The Appellate Tribunal ITAT Raipur allowed the appeals of the assessee for the assessment years 2013-14 and 2014-15, quashing the penalties imposed under Sec. 271(1)(c) by the AO. The Tribunal emphasized the legal distinction between 'concealment of income' and 'furnishing of inaccurate particulars of income', holding that separate penalties for each default were necessary. The AO's imposition of a single penalty for both defaults was deemed unsustainable, leading to the penalties being set aside for both assessment years. en-us Thu, 02 Jun 2022 00:00:00 +0530 Mon, 06 Jun 2022 08:28:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423392 The Appellate Tribunal ITAT Raipur allowed the appeals of the assessee for the assessment years 2013-14 and 2014-15, quashing the penalties imposed under Sec. 271(1)(c) by the AO. The Tribunal emphasized the legal distinction between 'concealment of income' and 'furnishing of inaccurate particulars of income', holding that separate penalties for each default were necessary. The AO's imposition of a single penalty for both defaults was deemed unsustainable, leading to the penalties being set aside for both assessment years. Case-Laws Income Tax Thu, 02 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423392