https://www.taxtmi.com/caselaws?id=33634 The High Court upheld the deletion of the penalty under section 271(1)(c) of the Income-tax Act, 1961, as confirmed by the Income-tax Appellate Tribunal. The Court agreed with the Tribunal that there was no concealment or furnishing of inaccurate particulars by the assessee, thus dismissing the Revenue's appeal. The Tribunal found the assessee's actions to be genuine and in accordance with tax planning rights, leading to the conclusion that the penalty was unjustified. The judgment favored the assessee in both issues, emphasizing the lack of merit in the Revenue's claims. en-us Wed, 25 Jul 2007 00:00:00 +0530 Sat, 30 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33634 The High Court upheld the deletion of the penalty under section 271(1)(c) of the Income-tax Act, 1961, as confirmed by the Income-tax Appellate Tribunal. The Court agreed with the Tribunal that there was no concealment or furnishing of inaccurate particulars by the assessee, thus dismissing the Revenue's appeal. The Tribunal found the assessee's actions to be genuine and in accordance with tax planning rights, leading to the conclusion that the penalty was unjustified. The judgment favored the assessee in both issues, emphasizing the lack of merit in the Revenue's claims. Case-Laws Income Tax Wed, 25 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33634