https://www.taxtmi.com/caselaws?id=761322 The Tribunal allowed the assessee's appeal, setting aside the penalty of Rs. 1,43,24,576 imposed under Section 271(1)(c) of the Income Tax Act for inaccurate particulars of income. It concluded that the penalty was unjustified, as the advice given by the consultant did not amount to furnishing inaccurate particulars. The Tribunal relied on the precedent set in CIT vs. Reliance Petroproducts Pvt. Ltd., emphasizing that making an unsustainable claim does not constitute furnishing inaccurate particulars. Consequently, the penalty was deleted, and the decision was pronounced on 28th August 2024. en-us Wed, 28 Aug 2024 00:00:00 +0530 Fri, 08 Nov 2024 19:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761322 The Tribunal allowed the assessee's appeal, setting aside the penalty of Rs. 1,43,24,576 imposed under Section 271(1)(c) of the Income Tax Act for inaccurate particulars of income. It concluded that the penalty was unjustified, as the advice given by the consultant did not amount to furnishing inaccurate particulars. The Tribunal relied on the precedent set in CIT vs. Reliance Petroproducts Pvt. Ltd., emphasizing that making an unsustainable claim does not constitute furnishing inaccurate particulars. Consequently, the penalty was deleted, and the decision was pronounced on 28th August 2024. Case-Laws Income Tax Wed, 28 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761322