https://www.taxtmi.com/caselaws?id=427466 The ITAT allowed the appeal, stating that the penalty of Rs.65,869 imposed under section 271(1)(c) for AY 2011-12 was unjustified as the appellant did not conceal income or furnish inaccurate particulars. The ITAT emphasized the necessity of specifying charges in penalty notices and ensuring penalties are based on valid grounds. The judgment highlighted that penalties cannot be imposed without establishing concealment or inaccurate particulars, ultimately ruling in favor of the appellant. en-us Wed, 07 Sep 2022 00:00:00 +0530 Fri, 09 Sep 2022 07:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427466 The ITAT allowed the appeal, stating that the penalty of Rs.65,869 imposed under section 271(1)(c) for AY 2011-12 was unjustified as the appellant did not conceal income or furnish inaccurate particulars. The ITAT emphasized the necessity of specifying charges in penalty notices and ensuring penalties are based on valid grounds. The judgment highlighted that penalties cannot be imposed without establishing concealment or inaccurate particulars, ultimately ruling in favor of the appellant. Case-Laws Income Tax Wed, 07 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427466