https://www.taxtmi.com/caselaws?id=761171 The ITAT Agra allowed the appeal of the assessee, a partnership firm, against the penalty levied under section 271(1)(c) of the Income-tax Act, 1961. The tribunal emphasized the distinction between penalty and assessment proceedings and noted the Revenue's failure to prove inaccurate particulars or concealment of income. It concluded that since the income was determined on an estimated basis and no inaccurate particulars were furnished, the penalty was not justified. Consequently, the tribunal set aside the penalty, ruling in favor of the assessee. en-us Tue, 22 Oct 2024 00:00:00 +0530 Wed, 06 Nov 2024 08:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761171 The ITAT Agra allowed the appeal of the assessee, a partnership firm, against the penalty levied under section 271(1)(c) of the Income-tax Act, 1961. The tribunal emphasized the distinction between penalty and assessment proceedings and noted the Revenue's failure to prove inaccurate particulars or concealment of income. It concluded that since the income was determined on an estimated basis and no inaccurate particulars were furnished, the penalty was not justified. Consequently, the tribunal set aside the penalty, ruling in favor of the assessee. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761171