https://www.taxtmi.com/caselaws?id=446592 The Appellate Tribunal allowed the appeal, setting aside the Commissioner's order and directing the Assessing Officer (AO) to delete the penalty of Rs. 16,22,332 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the AO failed to demonstrate that the assessee furnished inaccurate particulars of income, as the amount had already been disclosed during a survey. The Tribunal emphasized that full disclosure exempts the assessee from penalty proceedings, aligning with a Supreme Court decision. The AO's lack of substantive reasoning for the penalty led to its removal. en-us Thu, 30 Nov 2023 00:00:00 +0530 Wed, 06 Dec 2023 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446592 The Appellate Tribunal allowed the appeal, setting aside the Commissioner's order and directing the Assessing Officer (AO) to delete the penalty of Rs. 16,22,332 imposed under section 271(1)(c) of the Income Tax Act. The Tribunal found that the AO failed to demonstrate that the assessee furnished inaccurate particulars of income, as the amount had already been disclosed during a survey. The Tribunal emphasized that full disclosure exempts the assessee from penalty proceedings, aligning with a Supreme Court decision. The AO's lack of substantive reasoning for the penalty led to its removal. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446592