https://www.taxtmi.com/caselaws?id=433461 The Tribunal found the penalty imposed under section 271(1)(c) of the Income Tax Act unjustified, directing the Assessing Officer to delete the penalty of Rs.34,50,500. The appellant, a private limited company, successfully argued that the failure to challenge additions in appellate proceedings did not imply concealment of income or furnishing inaccurate particulars of income. The Tribunal emphasized the importance of meeting the burden of proof and highlighted that incorrect claims in law do not constitute furnishing inaccurate particulars of income. The decision was in favor of the appellant, and the penalty was overturned on January 2, 2023. en-us Mon, 02 Jan 2023 00:00:00 +0530 Mon, 30 Jan 2023 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433461 The Tribunal found the penalty imposed under section 271(1)(c) of the Income Tax Act unjustified, directing the Assessing Officer to delete the penalty of Rs.34,50,500. The appellant, a private limited company, successfully argued that the failure to challenge additions in appellate proceedings did not imply concealment of income or furnishing inaccurate particulars of income. The Tribunal emphasized the importance of meeting the burden of proof and highlighted that incorrect claims in law do not constitute furnishing inaccurate particulars of income. The decision was in favor of the appellant, and the penalty was overturned on January 2, 2023. Case-Laws Income Tax Mon, 02 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433461