https://www.taxtmi.com/caselaws?id=427983 The ITAT Amritsar ruled in favor of the assessee in a case concerning the imposition of a penalty under section 271(1)(c) of the Income Tax Act for non-declaration of arrear rent received. The ITAT found that there was no deliberate attempt to conceal income as the rent had been consistently declared in preceding years. Consequently, the penalty of Rs. 4,06,623 imposed by the AO was deemed unwarranted and quashed by the ITAT. en-us Thu, 15 Sep 2022 00:00:00 +0530 Wed, 21 Sep 2022 07:40:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427983 The ITAT Amritsar ruled in favor of the assessee in a case concerning the imposition of a penalty under section 271(1)(c) of the Income Tax Act for non-declaration of arrear rent received. The ITAT found that there was no deliberate attempt to conceal income as the rent had been consistently declared in preceding years. Consequently, the penalty of Rs. 4,06,623 imposed by the AO was deemed unwarranted and quashed by the ITAT. Case-Laws Income Tax Thu, 15 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427983