https://www.taxtmi.com/caselaws?id=456258 The ITAT Pune dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income-tax Act, 1961, for the Assessment Year 2013-14. The Tribunal found no concealment or inaccurate particulars by the assessee, who had declared the income in the return, demonstrating bona fide intent. The Tribunal emphasized the necessity of establishing concealment or inaccuracies before imposing penalties, aligning with the principle that penalty proceedings are distinct from assessment proceedings. Consequently, the Tribunal upheld the deletion of the penalty, dismissing the Revenue's grounds. en-us Wed, 24 Aug 2022 00:00:00 +0530 Wed, 10 Jul 2024 20:04:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456258 The ITAT Pune dismissed the Revenue's appeal, affirming the CIT(A)'s decision to delete the penalty under section 271(1)(c) of the Income-tax Act, 1961, for the Assessment Year 2013-14. The Tribunal found no concealment or inaccurate particulars by the assessee, who had declared the income in the return, demonstrating bona fide intent. The Tribunal emphasized the necessity of establishing concealment or inaccuracies before imposing penalties, aligning with the principle that penalty proceedings are distinct from assessment proceedings. Consequently, the Tribunal upheld the deletion of the penalty, dismissing the Revenue's grounds. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456258