https://www.taxtmi.com/caselaws?id=753149 The ITAT Mumbai dismissed the Revenue's appeal and sustained the deletion of penalty u/s 271(1)(c). The court held that penalty proceedings were defective due to confusion in recording satisfaction for penalty initiation and unclear findings on whether there was concealment of income or furnishing of inaccurate particulars. The tribunal emphasized that merely making an incorrect claim does not constitute furnishing inaccurate particulars, citing the SC decision in CIT v. Reliance Petro Products. The penalty was deemed unsustainable as it failed to meet legal requirements established by higher courts. en-us Tue, 30 Apr 2024 00:00:00 +0530 Sat, 25 May 2024 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753149 The ITAT Mumbai dismissed the Revenue's appeal and sustained the deletion of penalty u/s 271(1)(c). The court held that penalty proceedings were defective due to confusion in recording satisfaction for penalty initiation and unclear findings on whether there was concealment of income or furnishing of inaccurate particulars. The tribunal emphasized that merely making an incorrect claim does not constitute furnishing inaccurate particulars, citing the SC decision in CIT v. Reliance Petro Products. The penalty was deemed unsustainable as it failed to meet legal requirements established by higher courts. Case-Laws Income Tax Tue, 30 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753149