https://www.taxtmi.com/caselaws?id=430118 The tribunal allowed all five appeals filed by the assessee challenging penalties imposed under Section 271(1)(c) for additional income offered under Section 153A of the Income Tax Act. The tribunal found that the penalties could not be sustained as the Assessing Officer failed to specify the grounds for penalty imposition clearly and did not establish concealment of income or inaccurate particulars. Additionally, procedural irregularities and lack of mens rea in the penalty proceedings led to the tribunal allowing the appeals for the respective assessment years. en-us Wed, 09 Nov 2022 00:00:00 +0530 Fri, 11 Nov 2022 09:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430118 The tribunal allowed all five appeals filed by the assessee challenging penalties imposed under Section 271(1)(c) for additional income offered under Section 153A of the Income Tax Act. The tribunal found that the penalties could not be sustained as the Assessing Officer failed to specify the grounds for penalty imposition clearly and did not establish concealment of income or inaccurate particulars. Additionally, procedural irregularities and lack of mens rea in the penalty proceedings led to the tribunal allowing the appeals for the respective assessment years. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430118