https://www.taxtmi.com/caselaws?id=444554 The Tribunal allowed the appeal, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. It found no concealment of income by the assessee, as the addition was based on deeming provisions rather than inaccurate particulars. The Tribunal referenced the SC decision in CIT vs. Reliance Petro Products Pvt. Ltd., emphasizing that an unsustainable claim does not warrant a penalty. Thus, the penalty imposed by the AO was not justified, and the Tribunal ordered its removal. en-us Mon, 16 Oct 2023 00:00:00 +0530 Wed, 18 Oct 2023 07:43:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444554 The Tribunal allowed the appeal, directing the deletion of the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961. It found no concealment of income by the assessee, as the addition was based on deeming provisions rather than inaccurate particulars. The Tribunal referenced the SC decision in CIT vs. Reliance Petro Products Pvt. Ltd., emphasizing that an unsustainable claim does not warrant a penalty. Thus, the penalty imposed by the AO was not justified, and the Tribunal ordered its removal. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444554