https://www.taxtmi.com/caselaws?id=439460 The Tribunal allowed the appeal of the assessee, directing the AO to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty alleging both concealment and furnishing inaccurate particulars was invalid as the claim made, though unsustainable in law, was based on legal interpretations and judgments. The Tribunal emphasized that penalty should not be imposed solely due to a claim being disallowed by revenue authorities, ultimately ruling in favor of the assessee and deleting the penalty. en-us Thu, 22 Jun 2023 00:00:00 +0530 Fri, 23 Jun 2023 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439460 The Tribunal allowed the appeal of the assessee, directing the AO to delete the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal held that the penalty alleging both concealment and furnishing inaccurate particulars was invalid as the claim made, though unsustainable in law, was based on legal interpretations and judgments. The Tribunal emphasized that penalty should not be imposed solely due to a claim being disallowed by revenue authorities, ultimately ruling in favor of the assessee and deleting the penalty. Case-Laws Income Tax Thu, 22 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439460