https://www.taxtmi.com/caselaws?id=427893 The ITAT ruled in favor of the appellant, a Cooperative Society, by deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined that the penalty for furnishing inaccurate particulars of income was unjustified, as the appellant had rectified the return by offering the rental income for taxation before the penalty order. Consequently, the appeal filed by the assessee was allowed, overturning the CIT(A)'s decision to confirm the penalty. en-us Fri, 16 Sep 2022 00:00:00 +0530 Thu, 19 Dec 2024 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427893 The ITAT ruled in favor of the appellant, a Cooperative Society, by deleting the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal determined that the penalty for furnishing inaccurate particulars of income was unjustified, as the appellant had rectified the return by offering the rental income for taxation before the penalty order. Consequently, the appeal filed by the assessee was allowed, overturning the CIT(A)'s decision to confirm the penalty. Case-Laws Income Tax Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427893