https://www.taxtmi.com/caselaws?id=423636 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, due to lack of evidence establishing concealment or furnishing inaccurate particulars of income. The appellant's appeal was allowed, and the penalty order was overturned on June 8, 2022. The Tribunal emphasized that mere disallowance of claims without concrete evidence does not warrant penalty imposition, following the principles outlined in the case law reference CIT vs. Reliance Petroproducts Pvt Ltd. en-us Wed, 08 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:27:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423636 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, due to lack of evidence establishing concealment or furnishing inaccurate particulars of income. The appellant's appeal was allowed, and the penalty order was overturned on June 8, 2022. The Tribunal emphasized that mere disallowance of claims without concrete evidence does not warrant penalty imposition, following the principles outlined in the case law reference CIT vs. Reliance Petroproducts Pvt Ltd. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423636