https://www.taxtmi.com/caselaws?id=752961 The Tribunal allowed the appeal by the assessee, a partnership firm, against the penalty levied under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 2016-17. The Tribunal found that the AO failed to record specific satisfaction regarding inaccurate particulars of income for the additional income offered during assessment proceedings. Consequently, the Tribunal directed the AO to delete the penalty of Rs. 39,92,450/-, concluding that the disallowance of the claim for deduction did not constitute furnishing inaccurate particulars of income. en-us Mon, 20 May 2024 00:00:00 +0530 Wed, 22 May 2024 06:56:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752961 The Tribunal allowed the appeal by the assessee, a partnership firm, against the penalty levied under section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 2016-17. The Tribunal found that the AO failed to record specific satisfaction regarding inaccurate particulars of income for the additional income offered during assessment proceedings. Consequently, the Tribunal directed the AO to delete the penalty of Rs. 39,92,450/-, concluding that the disallowance of the claim for deduction did not constitute furnishing inaccurate particulars of income. Case-Laws Income Tax Mon, 20 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752961