https://www.taxtmi.com/caselaws?id=427710 The Tribunal allowed the appeal filed by the assessee and deleted the penalty imposed under Section 271(1)(c) of the IT Act, 1961. The Tribunal found that the penalty was not sustainable as the assessee's explanation regarding the unsecured loan was bona fide, with all material facts disclosed. It was concluded that there was no positive evidence of concealment or furnishing inaccurate particulars, directing the Assessing Officer to delete the penalty. en-us Mon, 12 Sep 2022 00:00:00 +0530 Wed, 14 Sep 2022 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427710 The Tribunal allowed the appeal filed by the assessee and deleted the penalty imposed under Section 271(1)(c) of the IT Act, 1961. The Tribunal found that the penalty was not sustainable as the assessee's explanation regarding the unsecured loan was bona fide, with all material facts disclosed. It was concluded that there was no positive evidence of concealment or furnishing inaccurate particulars, directing the Assessing Officer to delete the penalty. Case-Laws Income Tax Mon, 12 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427710