https://www.taxtmi.com/caselaws?id=424060 The High Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. It found that the assessee's complete disclosure of subsidy and depreciation details in the Balance Sheet justified the non-imposition of the penalty. The Court emphasized that penalty imposition requires evidence of concealing or furnishing inaccurate income particulars, which were not present in this case. The Court also clarified that the proviso to Explanation 10 of Section 43(1) did not support the Revenue's argument for penalty imposition, ultimately dismissing the appeal due to the lack of evidence supporting inaccurate particulars submission. en-us Tue, 24 May 2022 00:00:00 +0530 Tue, 21 Jun 2022 00:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424060 The High Court upheld the Tribunal's decision to delete the penalty under Section 271(1)(c) of the Income Tax Act, 1961. It found that the assessee's complete disclosure of subsidy and depreciation details in the Balance Sheet justified the non-imposition of the penalty. The Court emphasized that penalty imposition requires evidence of concealing or furnishing inaccurate income particulars, which were not present in this case. The Court also clarified that the proviso to Explanation 10 of Section 43(1) did not support the Revenue's argument for penalty imposition, ultimately dismissing the appeal due to the lack of evidence supporting inaccurate particulars submission. Case-Laws Income Tax Tue, 24 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424060