https://www.taxtmi.com/caselaws?id=759382 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, on the assessee, a company in the entertainment and media sector, due to procedural lapses. The Assessing Officer failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal found no evidence of deliberate concealment or inaccurate particulars, deeming the assessee's explanation bona fide. Consequently, the penalty of Rs. 16,03,200 was dismissed, and the appeal was allowed, with the judgment pronounced on 26/09/2024. en-us Thu, 26 Sep 2024 00:00:00 +0530 Mon, 30 Sep 2024 13:45:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759382 The Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, on the assessee, a company in the entertainment and media sector, due to procedural lapses. The Assessing Officer failed to specify whether the penalty was for concealment of income or furnishing inaccurate particulars. The Tribunal found no evidence of deliberate concealment or inaccurate particulars, deeming the assessee's explanation bona fide. Consequently, the penalty of Rs. 16,03,200 was dismissed, and the appeal was allowed, with the judgment pronounced on 26/09/2024. Case-Laws Income Tax Thu, 26 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759382