https://www.taxtmi.com/caselaws?id=427235 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the Assessment Year 2014-15. The Revenue's appeal against the deletion of a penalty of Rs. 86 lakhs was dismissed, with the Tribunal emphasizing the requirement to demonstrate inaccurate particulars before imposing penalties. The decision aligned with legal principles established by the Hon'ble Supreme Court, ensuring a fair application of tax laws and highlighting the distinction between incorrect claims in law and inaccurate particulars. en-us Thu, 25 Aug 2022 00:00:00 +0530 Mon, 05 Sep 2022 07:21:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427235 The Tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the Assessment Year 2014-15. The Revenue's appeal against the deletion of a penalty of Rs. 86 lakhs was dismissed, with the Tribunal emphasizing the requirement to demonstrate inaccurate particulars before imposing penalties. The decision aligned with legal principles established by the Hon'ble Supreme Court, ensuring a fair application of tax laws and highlighting the distinction between incorrect claims in law and inaccurate particulars. Case-Laws Income Tax Thu, 25 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427235