https://www.taxtmi.com/caselaws?id=443718 The Tribunal allowed the appeal by the Assessee and deleted the penalty of Rs. 1,30,258/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that there were no inaccurate particulars of income furnished by the assessee, emphasizing the absence of deliberate misrepresentation or suppression of material facts. Therefore, the penalty was deemed unwarranted based on legal principles and precedents, leading to its deletion in favor of the Assessee. en-us Wed, 27 Sep 2023 00:00:00 +0530 Sat, 30 Sep 2023 08:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443718 The Tribunal allowed the appeal by the Assessee and deleted the penalty of Rs. 1,30,258/- imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that there were no inaccurate particulars of income furnished by the assessee, emphasizing the absence of deliberate misrepresentation or suppression of material facts. Therefore, the penalty was deemed unwarranted based on legal principles and precedents, leading to its deletion in favor of the Assessee. Case-Laws Income Tax Wed, 27 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443718