https://www.taxtmi.com/caselaws?id=762525 ITAT Kolkata allowed the assessee's appeal and deleted the penalty u/s 271(1)(c) regarding unaccounted money addition through accommodation entries. The AO initiated penalty proceedings for concealment of income, but CIT(A) upheld the penalty on different grounds of furnishing inaccurate particulars without issuing fresh show cause notice. ITAT held this jurisdictional shift rendered the penalty proceedings bad in law, noting the assessee had offered income only to avoid litigation. en-us Fri, 29 Nov 2024 00:00:00 +0530 Tue, 03 Dec 2024 08:44:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762525 ITAT Kolkata allowed the assessee's appeal and deleted the penalty u/s 271(1)(c) regarding unaccounted money addition through accommodation entries. The AO initiated penalty proceedings for concealment of income, but CIT(A) upheld the penalty on different grounds of furnishing inaccurate particulars without issuing fresh show cause notice. ITAT held this jurisdictional shift rendered the penalty proceedings bad in law, noting the assessee had offered income only to avoid litigation. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762525