https://www.taxtmi.com/caselaws?id=444333 The Supreme Court ruled in favor of the assessee in appeals against penalties under section 271(1)(c) of the Income Tax Act for assessment years 2011-12, 2013-14, and 2015-16. The court held that the assessee's claims, though not sustained in law, did not amount to furnishing inaccurate particulars of income. The penalty was deleted for all years, emphasizing the importance of bona fide explanations and lack of deliberate misrepresentation in the assessee's actions. en-us Wed, 11 Oct 2023 00:00:00 +0530 Fri, 13 Oct 2023 09:01:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444333 The Supreme Court ruled in favor of the assessee in appeals against penalties under section 271(1)(c) of the Income Tax Act for assessment years 2011-12, 2013-14, and 2015-16. The court held that the assessee's claims, though not sustained in law, did not amount to furnishing inaccurate particulars of income. The penalty was deleted for all years, emphasizing the importance of bona fide explanations and lack of deliberate misrepresentation in the assessee's actions. Case-Laws Income Tax Wed, 11 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444333